Gut health biotech Microba seeks $20m to fund UK acquisition
ASX-listed biotech Microba Life Sciences pressed play on a $20 million equity raise on Thursday morning to fund the acquisition of a UK microbiome company.
Microba Life Sciences chairman Ian Frazer, CEO Luke Reid and co-founder Gene Tyson at the listing ceremony in April 2022.
Microba had its brokers Bell Potter and Morgans rounding up offers at 23¢ a piece, a 28 per cent discount to the last close. Proceeds will be used to acquire Invivo Clinical for $21.1 million, a Gloucestershire-based business that develops microbiome tests and supplements.
Microba’s major shareholder, ASX-listed Sonic Healthcare will participate in the raise. The pathology business owns around 20 per cent of the company and is taking up the offer pro rata. Other major shareholders include Perennial Value Management and the Thorney Investment Group.
Microba, which counts renowned immunologist and inventor of the technology behind the HPV cervical cancer Gardasil vaccine, Professor Ian Frazer, as deputy chairman, has developed a comprehensive measurement of the human gut microbiome.
The $95 million market cap company went into a trading halt on Thursday at 32¢ per share.
Read more on afr.com
