
Have to admit this is quite an unexpected acquisition, particularly given the current market environment for fund raising. However, momentum in deal making is critical and opportunities sometimes have to be taken when they can. A small equity placing minimises dilution with the majority of funding (to cover the acquisition costs and provide working capital to extend the therapeutics investment runway) through a convertible with a 25% premium initial conversion price. There is much to digest but the initial reaction is positive given that management see such potential value in their diagnostics division (and Affirmer platform) which has been flying under the radar as the market (me included) was focused on the upcoming AVA6000 trial results (which remain the most significant value driver). Adding a profitable business should also accelerate the group reaching a self-funding position