Zeus helps Collagen pump-up with £6m deal

MANCHESTER-based Zeus Capital has advised Scottish biotech firm Collagen Solutions on an international acquisition and £6m placing.

Zeus acted as nominated adviser and broker on Collagen’s deal to purchase New Zealand-based Southern Lights Biomaterials and its share placing.

The NZ$12m (£6m) acquisition constitutes a reverse takeover. The net proceeds of the placing will partially fund the initial NZ$5m (£2.5m) cash element of the consideration and provide working capital.

Ross Andrews, business head of plc advisory at Zeus, said: “The acquisition is a logical strategic extension, provides the group with a wider international customer base and access to high grade collagen from a BSE free country.

“The group raised £6m in a over subscribed placing to part fund the acquisition and for working capital.”