Neil Woodford's £20bn income portfolios are set for a boost after small-cap healthcare stock Proximagen was subject to an agreed bid, at more than twice the share price he paid.
The Invesco Perpetual fund manager reportedly paid 140p per share for the AIM-listed stock three years ago. On Wednesday, US pharmaceuticals firm Upsher-Smith Laboratories, which is a 17% shareholder and a commercial partner of Proximagen since 2008, made an agreed bid for the UK drugs developer. Proximagen shareholders will receive 320p in cash for each share, as well as a further 192p in cash or loan notes (CVRs) linked to the future success of drugs. This values the company's diluted share capital at around £223m. The Independent reported this deal will land Woodford £96m. As...
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