DUBLIN Cosmo Pharmaceuticals SA is spinning out its dermatology unit, Cassiopea SpA, as an independent company, which plans to go public on the Six Swiss Exchange in Zurich.
Cassiopea is not seeking any cash in connection with the listing. Cosmo has transferred €49.9 million (US$56 million) from its balance sheet to the new entity, which will cover its financing needs until the end of 2017. Cosmo will recoup that cash by reducing its shareholding in Cassiopea from 97 percent to below 50 percent in a secondary offering of shares. "That cash is going to flow into Cosmo it's not going to flow into Cassiopea," Chris Tanner, chief financial officer of Luxembourg-based Cosmo, told BioWorld Today.
The offering will take the form of a public offering in Switzerland and an institutional offering to