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Vernalis has raised £25m in a share placing to fund the expansion of its pharmaceuticals research business.
Vernalis is to acquire Cita NeuroPharmaceuticals, the Canadian neurology and central nervous system disorders specialist, for up to £37m.
Vernalis is to acquire Ionix Pharmaceuticals, the Cambridge-based biotechnology company, for £12m.
Vernalis is to merge with British Biotech to create a combined biotechnology group with a market capitalisation of £90m, and the staffing levels will be cut from 204 to 130.
Vernalis is planning to raise £14m in a share offer to fund the expansion of its drug development business, while talks are taking place about a possible bid for the company.