Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Profits surge at Crosby
Asia-focused Crosby Capital Partners has lifted profits 230 per cent to £65 million and is scouting more Japanese deals.
Cayman-domiciled Crosby, run by ex-Nomura star Simon Fry from Hong Kong and London, increased its total income nearly threefold to £88 million in 2005, raised earnings threefold to 27p a share and paid a 3p special dividend. The nimble investment and asset management specialist realised £22 million from reducing its stake in formerly ailing Japanese textile concern IB Daiwa, which it is turning into a resources specialist.
AIM-quoted Crosby is backing a hostile bid for Pakistan-oriented Tethyan Copper through a vehicle, Skafell, rivalling a bid from fully-listed Antofagasta. Company spokeswoman Caras Kiewel does not support rumours that mining giant Xstrata could ultimately be behind the Skafell bid.
Japan remains a key interest. Crosby has told Fuji Television Network it would like to buy Fuji's 12.7 per cent stake in Livedoor, a troubled internet concern whose founder Takafumi Horie has been charged with fraud and which is scheduled to be delisted from the Tokyo market next month.
Favourably mentioned by Growth Company Investor last August at 53.75p, Crosby shares are 1.75p up today at 97.5p, valuing the company at £235 million. Idiosyncratic and unpredictable, it could go further.
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