Sinclair IS Pharma PLC Tuesday said it has agreed a deal to acquire private aesthetics company Silhouette for about $117.0 million in cash plus royalties, in a move that will complete the build-out of the company’s aesthetics business and enhance its technological position and growth prospects in collagen stimulation.
In a statement, the specialty pharmaceutical company said it will pay $24.0 million when the deal completes, with the remaining $93.0 million related to certain milestones being achieved and royalty buy back.
The deal will be financed through a combination of debt and equity. Sinclair said it has agreed to raise £19.5 million, net of expenses, by issuing 62.5 million shares at a 32 pence placing price, which is a 5.3% premium to the company’s closing price on Monday. Sinclair has also entered into an amended facility agreement with Hayfin, which will provide a $16.5 million gross facility in relation to the acquisition. It will draw down the entire facility for the initial payment.