By Ronda Fears
Memphis, Feb. 3 - Premier Research Group plc priced a follow-on offering of 4.4 million shares at 135p each, discounted from Thursday's close of 142p, via underwriters Evolution Securities Ltd.
Company directors Simon Yaxley, who also is chief executive officer, and Guy Patrick also sold collectively 1,833,334 ordinary shares at the offer price.
London-based Premier Research Group is a contract research organization that conducts phase 2 through 4 clinical trials in the oncology, central nervous system and anti-infection areas with strong expertise in pediatrics. The company said it plans to use proceeds to satisfy all outstanding deferred cash consideration from recent acquisitions, as working capital, for further acquisitions and to facilitate the adoption of new consolidated and increased bank facilities.
Premier Research acquired Euro Pharma Auftragsforscung GmbH, based in Frankfurt, Germany, in June, PharmData, Inc., based near Atlanta, in July and Imform GmbH, also based near Frankfurt, in December.
| Issuer: | Premier Research Group plc
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| Issue: | follow-on offering
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| Proceeds: | £6 million
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| Shares: | 4,444,444 ordinary shares
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| Price: | 135p
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| Underwriters: | Evolution Securities Ltd.
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| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 27
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| Stock symbol: | London: PRG
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| Stock price: | 142p at close Feb. 2
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