Redcare Pharmacy slumps after bond placement, repurchase

Shares of Germany-listed Redcare Pharmacy RDC.DE fall more than 15%, on track for their worst day in nearly three years, after it said on Tuesday it had placed a new bond and bought back some convertible bonds

It places a new convertible bond of 300 million euros ($331.68 million) and buys back part of the outstanding 225 million euro convertible bonds

"Seems strongly overdone but surely owed to current market environment," a local trader said about the 8% after-hours drop in Redcare's shares following the news

Shares of European pharmaceutical companies fall across the board on Wednesday after U.S. President Donald Trump said he would announce tariffs on the sector soon

($1 = 0.9045 euros)