- Open Orphan said it had agreed to acquire fellow pharmaceutical services provider hVIVO by means of a share-based reverse takeover valuing the latter at about £13.0m.

Shareholders in hVIVO would be entitled to 2.47 new Open Orphan shares for each of their hVIVO shares.

The offer represented about 15.56p per hVIVO Share and a premium of 33.8% to their closing price on Friday.

It was expected to result in hVIVO Shareholders owning 44.67% of the combined group.

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