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Amphion Innovations nets US$3.7mln from sale of Motif Bio shares to pay off loan

Amphion has been a long-term backer of Motif Bio and still holds a 9.53% stake in the drug developer even after today’s sale to a US-based institutional investor

share certificate with silver bull and bear
Amphion expects to have paid off the loan facility by the end of the year

Amphion Innovations Plc (LON:AMP) has sold a 4.6% stake in drug discoverer Motif Bio Plc (LON:MTFB) to pay down some of its debt.

An unnamed “leading US institutional investor” is paying 31p for each of the 8.9mln shares, raking in a total of US$3.7mln for Amphion.

Amphion has been a long-term investor in Motif Bio and still owns a 9.5% stake in the company even after today’s sale.

The AIM-quoted investment group will use the money to repay a chunk of a loan it took out four years ago, like it did when it sold a smaller slug of Motif shares last September.

READ: Amphion sells 4.39mln Motif shares

Amphion will pre-pay three months’ worth of loan repayments to the lender. That will leave the remaining balance of the loan at US$3.7mln, which will be repaid in four monthly instalments beginning in September.

The company added that it “recognises the intrinsic value of its Motif Bio holding and is eager to retain as much of its holding as possible”.

In a separate announcement, Motif Bio said it noted the share sale.

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