Open Orphan chief to underwrite part of £30m hVivo takeover

Friel ready to stump up €3m of fundraising for purchase of British clinical trials firm

Open Orphan chief executive Cathal Friel: his underwriting will only kick in if the company fails to raise the cash from external investors

Open Orphan chief executive Cathal Friel will underwrite about €3 million of the company’s planned fundraising as part of its £30 million takeover of British company hVivo.

Pharma services company Open Orphan is to launch a share placing early in the new year to raise as much as £10 million from investors to fund the takeover of the British company, which is involved in clinical trials. Friel is one of the largest investors in the ...