European fund buys into PharmaZen biotech

Fri, 15 Jan 2021

Biotechnology company PharmaZen said it has sold a 13.8 percent stake in the company to ADM Capital Europe's agri-tech focused Cibus Fund for $14 million.The Christchurch-based firm, which develops nutraceutical ingredients for dietary supplements aimed at the human and pet-food market, issued 35 million new shares to Cibus, at an issue price of 40 cents each. That's a 13 percent discount on its volume-weighted average price of the past 12-months. The USX-listed stock has traded in a range from 21 cents to 60 cents over that period...

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