Open Orphan shares were trading higher on Monday after it announced a proposal to make a distribution in specie of the entire issued share capital of its wholly-owned subsidiary, Orph Pharma IP, to Poolbeg Pharma, in return for the issue of new shares by Poolbeg to Open Orphan shareholders.
Open Orphan shareholders have already granted approval with shares marked “ex-rights” on 16 June 2021. Shareholders will receive one Poolbeg Share for every 2.98 ordinary shares held in the company.
Open Orphan (LON:ORPH) was founded in 2017, with the goal of rapidly building Europe’s leading pharma services company by a management team with extensive industry and financial expertise. The company comprises of two commercial specialist CRO services businesses (Venn Life Sciences and hVIVO) and is also developing a genomics data platform business (Genomic Health Data).