Norstella announces merger agreement with Citeline

RNS Number : 5192Q

HgCapital Trust PLC

28 June 2022

 

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces an investment in Citeline (formerly Pharma Intelligence) - a leading provider of specialist intelligence, data and software for clinical trials, drug development and regulatory compliance - which has announced an agreement to merge with Norstella, an organization that helps life sciences companies navigate the complexities of the drug life cycle.

The terms of the transaction have not been disclosed. The merger is expected to close in the second half of 2022 subject to customary closing conditions and regulatory approvals. 

HGT will invest approximately £4.7 million in the transaction, with other institutional clients of Hg investing alongside HGT through the Hg Genesis 9 Fund.

Earlier this year, four prominent pharmaceutical solutions providers-Evaluate, MMIT, Panalgo and The Dedham Group-launched Norstella, in which HGT is currently invested.

HGT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.

Note that these figures only relate to HGT's share of Hg's overall investment in Norstella.

HGT's available liquid resources, which includes the undrawn bank facility of £250 million for future deployment are estimated to be £471 million (23% of the 31 March 2022 pro-forma NAV of £2.1 billion).

This investment will reduce HGT's outstanding commitments to invest in Hg transactions to approximately £605 million (29% of the 31 March 2022 NAV).

Later today a full press release from Norstella can be found on:  https://www.norstella.com/news-events/

For further details:

Hg

Tom Eckersley   [phone]

HgCapital Trust

Laura Dixon  [phone]

Brunswick

Samantha Chiene  [phone]

[e-mail]

About HgCapital Trust plc

HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.

The contents of the Hg, HgCapital Trust, Norstella and Citeline websites are not incorporated into, and do not form part of, this announcement.

 

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