Poolbeg Pharma PLC, a spin-out from Open Orphan PLC (LON:ORPH) is expected to float on AIM early next week after completing a £25mln fundraising.
The clinical-stage infectious diseases pharmaceutical company is being demerged from its parent company with aspirations to become a ‘one-stop shop’ for large pharma companies seeking mid-stage products to license or acquire.
Poolbeg, which boasts a capital-light and scalable business model where it aims to develop assets to be Phase II-ready quickly with modest investment, has issued its shares at 10p apiece and should have a market cap of £50mln when it arrives on London’s junior market on 19 July with a 51% free float.
Open Orphan confirmed today the £25mln funding had been successful.