Neighbourly Pharmacy's $270 million offering of subscription receipts

On March 18, 2022, Neighbourly Pharmacy Inc., a fast-growing network of independent pharmacies, completed its previously announced public offering and concurrent private placement to an affiliate of Persistence Capital Partners of subscription receipts for gross proceeds of approximately $270 million, including the full exercise of the underwriters’ over-allotment option.

The offering was completed through a syndicate of underwriters led by Scotiabank and RBC Capital Markets.

Proceeds will fund a portion of the acquisition deal announced on March 10, 2022, in which Neighbourly will buy all shares of the retail pharmacies network known as Rubicon Pharmacies. The acquisition deal is expected to close in the second quarter of the same year.