Sweden’s Recipharm AB issued convertible bonds with a nominal value of EUR 50 million as part of the financing of the acquisition of the Corvette Pharmaceutical Services Group completed Oct. 1, 2014. The bonds can be converted into up to 5,030,549 class B-shares. The holders of the convertible bonds have agreed to a lock-up in respect of the new shares issued upon conversion until Feb. 14, 2015.
To comply with a request, Recipharm has released the lock-up on 815,000 B-shares related to shares to be issued upon conversion of the convertible bonds. The release of the lock-up has been granted to facilitate the sale of 815,000 class B-shares to three Swedish and Finnish long-only fund managers.