GenesisCare drops Clarity Pharma stake, Wilsons on trade
Anthony Macdonald, Sarah Thompson and Kanika Sood
Feb 9, 2023 – 2.58pm
Debt-laden GenesisCare has sold its 6 per cent stake in biotech small cap Clarity Pharmaceuticals via Wilsons’ equities desk.
The block trade saw 15.36 million shares change hands at 72¢ each on Thursday, which was a 13 per cent discount to the stock’s last close at 83¢.
GenesisCare is expected to use the proceeds to help short up its finances.
It’s a small step for GenesisCare, which is investigating recapitalisation options in light of a $2 billion-plus debt profile and weak earnings. Ratings house S&P Global downgraded GenesisCare to “CCC-” on Wednesday, citing heightened risk of a default.
“Without a significant rebound in earnings or new equity, we view a distressed exchange or debt restructuring as being increasingly likely within the next six months,” S&P told clients this week.
While GenesisCare tries to find a path back to financial stability, it’s been seeking to sell its venture capital investments and real estate to ease the burden.
It owned a 6 per cent stake in Clarity via GenesisCare Ventures Pty Ltd.
Clarity is a clinical stage cancer biotech developing radiopharmaceutical products to image and diagnose cancers. It listed in August 2021 at $1.40 a share.
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Last
$4.33 |
Change
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Mkt cap ! $1.400B | |||
| Open | High | Low | Value | Volume |
| $4.31 | $4.44 | $4.20 | $11.74M | 2.723M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5000 | $4.31 |
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| Price($) | Vol. | No. |
|---|---|---|
| $4.34 | 132 | 1 |
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