Wragge & Co’s corporate experts have advised Astex Therapeutics on its proposed £91 million cross-border acquisition by NASDAQ-listed SuperGen.
Corporate partner Kevin Jones led a cross-firm team advising the UK-based biotechnology company Astex Therapeutics.
A strategic acquisition, the deal will provide Astex shareholders with a 35 per cent stake in US-based pharmaceutical company SuperGen, plus additional cash of $25 million on closing.
A further $30 million will be paid over a 30-month period from the date of closure. The acquisition is conditional upon regulatory and shareholder approvals.
Mr Jones said: “Having worked with Astex since it launched in 1999 we were well placed to advise on this important deal which supports its future growth and provides liquidity for its shareholders.
“The deal was highly complex, involving a UK scheme of arrangement and drew on our wide-ranging M&A experience and in-depth life sciences expertise.”
Martin Buckland, chief business officer for Astex Therapeutics, added: “This is an exciting step forward in the ongoing development of our business. A complex deal, we needed advisers that understand our business, demonstrate life sciences sector expertise and can think creatively around commercial issues. The Wragge & Co team delivered at every level.”
The cross-firm team also included corporate director Andrew Glaze, associate Chris Towle and solicitor Amar Adatia. Partner Neil Pearson led on employee related tax advice and IP expertise was provided by partner Patrick Duxbury.