The deal will include an interim US$8mln share placing and a larger US$60mln fundraiser that will give the AIM-listed firm a pre-money valuation of US$96mln.
The merger creates a group with revenues of $136.5mln in 2018 and re-unites the Lojuxta cholesterol treatment under one roof.
The business will be bought out of Chapter 11 bankruptcy protection in a transaction backed by convertible bondholders, “certain unsecured creditors” and Nasdaq-listed Novelion Therapeutics, Aegerion’s parent company.
Turning to the nitty-gritty detail, a scheme of arrangement will be used to complete the acquisition that will insert a new English group holding company.
Rule 9 of the takeover code, which compels anyone holding more than 30% of the enlarged business to bid for the firm, is expected to be waived.
Stock in the merged companies will be listed on AIM and the Euronext Growth exchanges. The shares have restarted trading after a one-for-six consolidation and are currently changing hands for 112.1p.