RedHill Biopharma Ltd. (NasdaqCM:RDHL) will look for acquisitions. RedHill Biopharma ('RedHill' or the 'Company') announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 10,000,000 of the company's American Depositary Shares ('ADSs'), each ADS representing 400 ordinary shares, at a purchase price of $0.80 per ADS, in a registered direct offering. The gross proceeds to the company from the offering are expected to be $8 million, before deducting the placement agent's fees and other offering expenses payable by the company.

The company intends to use the net proceeds from the offering for general working capital, acquisitions, research and development, and general corporate purposes.