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ABL advises Palla Pharma on $31.1m capital raising

Capital Markets
Poppies growing in field
Arnold Bloch Leibler (ABL) has advised ASX-listed Palla Pharma on its $31.1 million fully underwritten capital raising, comprising an $8.4 million placement to institutional investors and an accelerated non-renounceable entitlement offer to raise $22.7 million from institutional and retail investors.

Palla Pharma is one of six licensed opiate producers globally and one of three fully integrated suppliers from opiate extraction through to tableting production. The proceeds of the capital raising will be used by Palla Pharma to provide capital for the expansion of sites in Australia and Norway and to reduce debt.

In announcing the successful completion of the institutional offer, Palla Pharma’s CEO, Jarrod Ritchie stated: “We are pleased with the continued support of our institutional investor base, and in bringing new high-quality institutional names to the register. The company is now well positioned to execute its growth plans and deliver value for shareholders”.

ABL Consultant Jane Sheridan and Lawyers Emily Korda and Anna Sandiford advised Palla Pharma on all aspects of the capital raising. Jane Sheridan commented: “Having acted for Palla Pharma (formerly TPI Enterprises) for many years, we are delighted to have assisted on this latest stage of its development and growth”.

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