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Amryt Pharma PLC (AMYT)

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Thursday 14 November, 2019

Amryt Pharma PLC

Share Buyback

RNS Number : 4863T
Amryt Pharma PLC
14 November 2019
 

14 November 2019
AIM: AMYT
Euronext Growth: AYP


AMRYT PHARMA PLC

("Amryt" or the "Company")

Share Buyback into Treasury, Issue of Warrants and Total Voting Rights

Amryt, a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare and orphan diseases, announces that, as outlined in the Company's admission document dated 27 August 2019 and pursuant to a resolution of the Company passed on 23 September 2019, the Company has completed a capital reduction of its share premium account (the "Reduction"). The Reduction was formally approved at the High Court of Justice on 5 November 2019.

The Company further announces that, following the completion of the Reduction, the Company now has positive distributable reserves and pursuant to an authority conferred by shareholders at the Company's general meeting on 23 September 2019, it has agreed to repurchase 4,864,656 ordinary shares ("Ordinary Shares") from certain institutional investors (the "Buyback").  In exchange for the Ordinary Shares, these institutions have been issued an equivalent number of nil cost warrants over Ordinary Shares (the "Warrant Issue"). Each warrant entitles the holder to subscribe for one Ordinary Share at nil cost.

The Buyback and Warrant Issue follows the election made by certain of Aegerion Pharmaceutical Inc.'s ("Aegerion's") creditors to receive warrants as consideration as part of the Company's acquisition of Aegerion which completed on 24 September 2019, and reflects the investment restrictions of certain institutional investors which set a threshold limit on the percentage of voting rights they can hold in an investee company. Nil cost warrants entitle the holder at any time to exercise the warrant at which point in time the Company would allot to that holder the relevant number of fully paid Ordinary Shares in Amryt either from treasury or through the issue of new Ordinary Shares.

The 4,864,656 Ordinary Shares repurchased will be held in treasury by Amryt. Following the Buyback, the issued share capital of the Company will be comprised of 157,718,438 Ordinary Shares, of which 4,864,656 are held as treasury shares. Accordingly, the total number of voting rights in the Company is 152,853,782. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Following the Warrant Issue and in addition to the present total voting rights in the Company of 152,853,782, the Company will have in issue 18,841,378 nil cost warrants.

The Company also announces that it has redeemed the one redeemable share in issue with a nominal value of £49,999.94.

 

Enquiries:                                                                                                                    

Amryt Pharma plc

+353 (1) 518 0200

Joe Wiley, CEO

Rory Nealon, CFO/COO


 

Shore Capital

+44 (0) 20 7408 4090

NOMAD and Joint Broker


Edward Mansfield, Daniel Bush, John More

 


Stifel

+44 (0) 20 7710 7600

Joint Broker


Jonathan Senior, Ben Maddison

 


Davy

+353 (1) 679 6363

ESM Adviser and Joint Broker


John Frain, Daragh O'Reilly


 

Consilium Strategic Communications

+44 (0) 20 3709 5700

Amber Fennell, Matthew Neal, Nicholas Brown


 

LifeSci Advisors, LLC

+1 (212) 915 2564

Tim McCarthy


 

 

About Amryt

Amryt is a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare and orphan diseases. Amryt comprises a strong and growing portfolio of commercial and development assets.

Amryt's commercial business comprises two orphan disease products.

Juxtapid®/ Lojuxta® (lomitapide) is approved as an adjunct to a low-fat diet and other lipid-lowering medicinal products for adults with the rare cholesterol disorder, Homozygous Familial Hypercholesterolaemia ("HoFH") in the US, Canada, Columbia, Argentina and Japan (under the trade name, Juxtapid®) and in the EU (under the trade name, Lojuxta®). HoFH is a rare genetic disorder which impairs the body's ability to remove low density lipoprotein ("LDL") cholesterol ("bad" cholesterol) from the blood, typically leading to abnormally high blood LDL cholesterol levels in the body from before birth - often ten times more than people without HoFH - and subsequent aggressive and premature cardiovascular disease.

Myalept® / Myalepta® (metreleptin) is  approved in the US (under the trade name, Myalept®) as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy (GL) and in the EU (under the trade name, Myalepta®) for the treatment of leptin deficiency in patients with congenital or acquired GL in adults and children two years of age and above and familial or acquired partial lipodystrophy (PL) in adults and children 12 or over for whom standard treatments have failed to achieve adequate metabolic control. Metreleptin is also approved for lipodystrophy in Japan. Generalised and partial lipodystrophy are rare disorders characterised by loss or lack of adipose tissue resulting in the deficiency of the hormone leptin, produced by fat cells and are associated with severe metabolic abnormalities including severe insulin resistance, diabetes, hypertriglyceridemia and fatty liver disease.

Amryt's lead development candidate, AP101 (Oleogel-S10), is a potential treatment for the cutaneous manifestations of Epidermolysis Bullosa ("EB"), a rare and distressing genetic skin disorder affecting young children and adults for which there is currently no approved treatment.  It is currently being studied in a Phase 3 clinical trial and recently reported that unblinded interim efficacy data supported continuation of the study with a modest increase in sample size and unblinded interim safety data allowed the inclusion of children from as young as 21 days old. AP101 has been granted FDA Pediatric Rare Disease Designation and has also received a Fast Track Designation from the FDA. The European and US market opportunity for EB is estimated by the Directors to be in excess of $1 billion.

In March 2018, Amryt in-licenced a pre-clinical gene-therapy platform technology, AP103, which offers a potential treatment for patients with Recessive Dystrophic Epidermolysis Bullosa, a subset of EB, and is also potentially relevant to other genetic disorders.

For more information on Amryt, including products,  please visit www.amrytpharma.com


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