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Duke Capital exits investment in Fairmed Healthcare
(Sharecast News) - Duke Capital announced the successful exit from its investment in Fairmed Healthcare, a Swiss-based supplier of generic prescription medicines and other pharmaceutical products in the EU, on Wednesday. The AIM-traded firm said the exit generated headline cash of €11.4m for Duke, of which €6m had been received, with the remaining €5.4m to be paid by 31 March.
It said the exit was its seventh, with six being profitable, and fell within the upper range of its expected rate of return.
Duke Capital said its financing approach allowed Fairmed's management to maintain its minority equity stake while expanding its product portfolio.
Fairmed's majority owner, Strides Pharma Global - a subsidiary of Strides Pharma Science - facilitated the exit.
The investment's prepayment allowed Strides to move forward with its European growth strategy, leveraging Fairmed for greater market presence.
"Our investment in Fairmed allowed the company to reach new heights without the risks associated with traditional financing," said Duke chief executive officer Neil Johnson.
"This successful and profitable exit allows us to pursue new opportunities and continue our mission of empowering businesses."
At 1337 GMT, shares in Duke Capital were up 1.01% at 30p.
Reporting by Josh White for Sharecast.com.
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