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Medical Developments advised on $30m capital raise
MinterEllison advised Medical Developments International Limited (Medical Developments) on its fully underwritten $30 million capital raising.
Jess Feyder
Firm: MinterEllison (Medical Developments)
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Deal: ASX-listed pharmaceutical business and distributor of respiratory devices Medical Developments advised on fully underwritten $30 million capital raising.
Value: $30 million
Area: Corporate
Key players: The MinterEllison team was led by partner Sudharshan Senathirajah.
Deal significance: The $30 million capital raise is intended to drive growth in the Australian and European markets.
According to Medical Developments, funds raised will be used to drive its Australian business expansion, European growth strategy, and to continue delivery of the company’s growth strategy.
MinterEllison supported the team at Medical Developments on every aspect of the capital raising, including offer structuring, due diligence, and preparation of a prospectus.
“Medical Developments has been providing innovative healthcare solutions since 1971,” said Mr Senathirajah.
“As health technology becomes more important to the global community than ever before, we’re delighted to support Medical Developments as they look to grow their products and capability in Australia and around the world.”
The offer price for the placement and entitlement offer is $2.00 per new share, representing a discount of 16.7 per cent to the last closing price on 3 August 2022 of $2.40 per share.
