MDY Healthcare has more than doubled the value of its initial investment in drug testing company Cozart.
MDY bought 1.2m shares in Cozart at 28p each in July 2006. It has since added more shares taking its stake to just over 2%. Concateno’s bid of 57.5p a share for Cozart means that MDY will make a profit of just over £600,000 – a return on the whole investment of more than 87%.
This will be MDY’s first cash exit since it became an investment company. At the end of March 2007 it had cash of £9.4m but since then it has made more investments so the £1.3m it raises from Cozart’s takeover will be useful for new investments.
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