LAWFUEL – Law News, Law Jobs Network – Simmons & Simmons is acting for Piper Jaffray in its role as financial adviser to Vectura Group plc on Vectura’s £130m recommended all-share acquisition of Innovata plc.
The acquisition, one of the biggest UK biotech deals of the year, is intended to create a new UK leader in pulmonary product development, a fast growing area of the pharmaceutical industry. The transaction, which constitutes a reverse takeover of Vectura under the AIM Rules, is to be implemented by way of a Court approved scheme of arrangement.
Vectura and Innovata specialise in the development of inhaled drugs for the treatment of respiratory disorders and other serious diseases. The combination of the two companies is expected to create an enlarged group with a portfolio of revenues from eight marketed products, a strong development pipeline and a range of formulation, device and delivery technologies for drugs inhaled as dry powders.
Piper Jaffray is a client-focussed securities firm serving middle-market companies and institutional investors.
The Simmons & Simmons team was led by corporate partners Mark Curtis and Gavin Weir, assisted by senior associate Isabella Roberts. Mark and Gavin also acted for Piper Jaffray as nominated adviser on Vectura’s £45m fundraising earlier in 2006, one of the biggest biotech fundraisings in recent years.
Mark Curtis says:
“We are delighted to have advised Piper Jaffray on another significant corporate transaction in the life sciences sector. This reflects the strength and depth of our corporate life sciences practice, which advises on some of the biggest and most innovative deals in the sector. We have enjoyed working with the Piper Jaffray team and the companies on such an important strategic transaction.”
Vectura is being advised by Olswang Solicitors. Bird & Bird are acting for Innovata.