04 05 2016

Vernalis plc's £40 Million secondary placing

BLP has advised Canaccord Genuity (joint bookrunner and Nominated Adviser) and Shore Capital Stockbrokers (joint bookrunner) on a £40m secondary placing by AIM-listed pharmaceutical company Vernalis plc


Vernalis has conditionally raised £40m by way of a placing of 80 million new shares to existing and new institutional investors. Vernalis is a specialty pharmaceutical company with expertise in drug development. Completion of the fundraising is conditional upon approval of Vernalis’ shareholders at a general meeting to be held on 12 May. Vernalis plc is a revenue generating development stage pharmaceutical company which has a broad pipeline of research and development programs. The Company is focused on developing products for the US prescription cough and cold market. The company, led by Ian Garland, David Mackney, Sandford Sommer and Kevin Kissane, is based in Winnersh (UK). The BLP team was led by Corporate Finance Partner Nick Myatt (Picture) with assistance from Associate Patrick Lilly and Trainee Solicitor Xian Wei Yeo. Corporate Finance partner Bobby Schrader provided US securities law advice. Involved fees earner: Nicholas Myatt - Berwin Leighton Paisner; Patrick Lilly - Berwin Leighton Paisner; Bobby Schrader - Berwin Leighton Paisner;

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