The New Year started extremely well for Mister Pharmaceuticalswhen agreeing to a take over by Proximagen for £4.3 Million.
Shares rose 1.68p to 5.8p in the developer of drugs for neurological and psychiatric disorders after proximagen said that it would pay 6p a share for the group.
Proximagen were down 1p to 109p and raised £50 million last year to follow its strategy of buying smart drug programmes.
John Russell, Minster’s chairman and chief executive, said” I thought the offer provided a more certain investment outcome for shareholders given that the group’s prospects, without the funding it needs to progress its business plan, were very uncertain”.
Dr Kenneth Mulvany, the chief executive of Proximagen, said “I was particularly interested in Minster’s tonabersat compound, bought from GlaxoSmithKline, which he thinks has the potential for the treatment of epilepsy”.
