Pharming announces change in its holding in BioConnection following a substantial investment by new investor
Following an agreed investment by European investment company Gimv, Pharming’s minority stake of 43.85% in BioConnection will reduce to 22.98%. As a result of this transaction, Pharming will receive one-off US$ 7.5 million (EUR 6.9 million) net cash proceeds.
Pharming Group announces a change in its minority holding in BioConnection B.V. Following receipt of an offer for all shares in BioConnection by Gimv, a European investment company listed on Euronext Brussels, the existing shareholders (including Pharming) reached agreement with Gimv today on the sale of all issued and outstanding shares to a new holding company incorporated by Gimv for BioConnection, followed by a partial re-investment by existing shareholders of the purchase price in the share capital of that new holding company.
"We are pleased to continue our investment into BioConnection, as they have been an excellent partner for Pharming for many years. We look forward to continuing to support BioConnection as it continues to grow."- Sijmen de Vries | Chief Executive Officer