19 Jul 2011

Pharmacybrands to raise funds for Radius purchase

8:16 am on 19 July 2011

Pharmacybrands has received approval to raise $11.5 million from shareholders as part of a deal to buy Radius Pharmacy.

At its annual meeting on Monday, investors agreed to issue $8 million of shares to its two main investors, Cape Healthcare and Andrew Bagnall, at 45 cents per share.

Another $3.5 million worth would be offered to small shareholders at the same price, capped at $4,500 each.

PharmacyBrand chief executive Alan Wham says the company's focus is now on integrating Radius' pharmacy and medical divisions.