Proposed Remedica disposal has fallen through, Ascendis says
The health-care firm is trying to sell its crown jewel, Cyprus-based Remedica, but says advanced talks with a buyer have been called off
17 December 2019 - 08:19
UPDATED 17 December 2019 - 18:26
Ascendis Health’s share price slumped to an all-time low on Tuesday, as efforts to stabilise the debt-laden business suffered a blow after discussions for a proposed sale of its crown jewel in Cyprus collapsed.
CEO Mark Sardi said the health and wellness company, which has a market capitalisation of about R1.174bn, had called off the talks to sell its Remedica business and instead resolved to engage with lenders about restructuring its debt before disposing of the Cyprus-based pharmaceutical maker. ..
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