Dublin healthcare firm plots UK reverse takeover
Shares in Irish personal healthcare company Integumen have been suspended from trading following the company announcing its intention to acquire London-based plastics business Cellulac in a reverse takeover.
The proposed deal would see Dalkey-headquartered Integumen take Cellulac’s name and enlarge its business from skin, oral and wound care products to cosmetics, food supplements and biodegradable plastics.
The deal will be a cash and shares transaction, of which 84% of the consideration will be paid by in shares.
Integumen is listed on London’s AIM market and is 25%-owned by Irish drug development company Venn Life Sciences. It raised more than €2.6m via its IPO last year, which followed on from it acquiring Venn Life Sciences’ former healthcare innovation subsidiary.
Cellulac also has Irish connections, starting out as a National University of Galway campus company. The company has operations in Ireland and the UK.
Cellulac’s current chief executive and chief operations officer; Gerard Brandon and Camillus Glover respectively, will fill the same roles in the enlarged company, which will be re-registered as a private company.
Declan Service, Integumen’s existing chief, has resigned with immediate effect.
Chris Bell, Integumen’s current finance chief will act as interim CEO until the deal is concluded.
A further two non-executive directors are expected to be added to the company’s board in due course.
The deal is reliant on, amongst other things, due diligence, shareholder approval and Integumen completing a £7.5m (€8.7m) fundraising effort, either through a share placing or debt funding.
