Ergomed completes PSR Group acquisition following placing

Ergomed confirmed the successful completion of its acquisition of PSR Group on Tuesday, following the admission to trading on AIM of 2,081,339 new ordinary shares as of 0800 BST on Monday.

The AIM-traded company had initially announced the acquisition of the specialist orphan drug contract research organisation on 28 September.

A total of 1,757,576 new ordinary shares in the company were placed at a price of 165p per placing share, with new and existing investors, raising proceeds of £2.9m before expenses to part-fund the acquisition of PSR, Ergomed’s board said.

In addition, a further 323,813 new ordinary shares were issued at a price of 165p per share to PSR as initial share consideration.

“Following the admission of the placing shares and initial consideration shares, the company's issued share capital now comprises 42,680,813 ordinary shares of 1p each,” Ergomed’s board confirmed in its statement.