15 July – LAWFUEL – The Law News Network – Allen & Overy is advising Vernalis plc on its agreement to acquire privately held UK company Ionix Pharmaceuticals Limited in a share-based transaction valuing Ionix at approximately £12.5 million. Completion is expected by the end of July.
Vernalis will issue 19,685,040 ordinary shares, representing approximately 9% of its enlarged issued share capital. Ionix’s principal asset is IX-1003, an intranasal formulation of buprenorphine for pain relief after operations. Vernalis will also pay an additional £5 million to Ionix shareholders on receipt of the first marketing authorisation for IX-1003.
Corporate partner Anna Buscall is leading the Allen & Overy team, assisted by senior associate Gavin Weir and associate Sarah Hoskins.
Commenting Anna Buscall said: “Vernalis is the product of three mergers and this acquisition is a further step in building its portfolio, after its successful capital raising earlier this year. We have been pleased to work with Vernalis’ team through the mergers and subsequent continuing strategic development.”