Ascendis Health has concluded its acquisitions of Cyprus-based pharmaceutical manufacturer Remedica and European sports nutrition company Scitec for a combined R7.3-billion.
The company on Friday said its fully underwritten rights offer of 54-million shares was three times oversubscribed, with the vendor placement also significantly oversubscribed by local and international investors.
“This emphasised the growing faith that the local and international investment community has in the astute Ascendis business model and successful record,” the company said in a statement.
The acquisitions are expected to drive Ascendis’s market capitalisation close to R1-billion and will contribute towards the company’s vision of becoming a significant global player in the health and care sector.
Ascendis CEO Dr Karsten Wellner commented that the company would now not only gain access to meaningful global platforms, brands and distribution synergies, but also inherit a world-class staff complement of industry leading professionals with knowledge and experience that will benefit Ascendis in the long term.