Fastnet's Amryt takeover aims to address $1.5 billion market opportunity

Irish company Fastnet Equity (LSE: FAST), which last year announced a switch of focus from oil exploration to pharmaceuticals, is seeking to complete a £29.6 million ($42.2 million) takeover of orphan drug development firm Amryt Pharmaceuticals.

As it detailed its proposed acquisition on Wednesday, Fastnet also announced that it planned to raise £10 million through a share placing to help develop Episalvan (birch bark extract, a promising drug for the rare skin disorder epidermolysis bullosa.

Fastnet will also change its name to Amryt Pharma plc following the acquisition and begin trading under the new tickers “AMYT” (AIM) and “AYP” (ESM).