1 March 2005 – LAWFUEL – The Law News Network – Allen & Overy is advising Vernalis plc on its £30.3 million placing and open offer.
The proceeds of the fundraising, which is being underwritten by Nomura and Cazenove and sponsored by JP Morgan, will be used partly in establishing a commercial business in North America following the exercise of Vernalis’ option to co-promote its marketed product, frovatriptan, in the USA. 43,250,107 new ordinary shares will be issued at 70 pence per share, with five new shares being offered for every 18 ordinary shares.
Corporate Partner Anna Buscall is leading the Allen & Overy team, assisted by senior associate Gavin Weir, associate Sarah Hoskins and trainee Mark Davis.
Commenting, Anna Buscall said: “We are delighted to have assisted Vernalis on yet another strategic transaction following its mergers with RiboTargets and Vernalis Group, on which we also advised. This transaction again demonstrates the strength and depth of Allen & Overy’s pharma/bio group expertise.”
For further information, please contact Jo Shepherd ([email protected]) in London on +44 (0)20 7330 2195 or on +44 (0)7771 896 290.