Global law firm Reed Smith has advised the ground-breaking Cancer Research Technology Pioneer Fund (CPF) on its agreements with Cancer Research Technology (CRT) and The Institute of Cancer Research, London, to license rights to an exciting class of cancer drugs called CHK1 inhibitors; and with BACIT Limited (BACIT), a London Stock Exchange-listed investment company, and Sareum Limited (Sareum), a drug discovery company, to fund the development of the inhibitors.
CPF is a unique £50 million investment fund and the first of its kind set up in 2012, with the intention to bridge the funding gap in the UK between cancer drug discovery and early development. The Reed Smith team advised on the formation of the fund and has since acted on all of its investments, including its collaboration with The Institute of Cancer Research (ICR) to develop a class of drugs called MPS1 inhibitors.
This is CPF’s third investment to date and BACIT’s first in this area. Under the terms of the deal, CPF obtains worldwide rights to the preclinical CHK1 inhibitor programme and is responsible for future development and commercialisation, funded by CPF, BACIT and Sareum.
The Reed Smith team, led by partner John Wilkinson, was the main legal advisor to the deal, advising CPF on all aspects. Freshfields Bruckhaus Derringer advised BACIT and Taylor Vinters advised Sareum.
London partner John Wilkinson said:
“The success of this deal marks a significant step in the development of cancer drugs with the potential to help large numbers of patients suffering from many different types of cancer. We advised Sixth Element Capital on the launch of their innovative new fund, and have subsequently helped the fund with three key investments to push cancer drug development in the UK forward.”
Ian Miscampbell, Managing Partner at Sixth Element Capital, said:
“We were very happy to have John working with us on this transaction; his knowledge of the sector and previous experience working with CRT and ICR were invaluable in helping this deal to a successful conclusion. We are looking forward now to starting work on this exciting project which we hope will develop into an effective cancer product.”
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Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 25 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (Branding & Communications Executive EME) on +44 (0)20 3116 2571.
About Reed Smith Life Sciences practice
The Reed Smith Life Sciences practice in London consists of a group of specialist lawyers dedicated solely to the sector. The full-service practice advises on transactions (including M&A, collaborations, joint ventures, licensing, fund raisings and due diligence); regulatory; product liability; dispute resolution; intellectual property; employment and tax. The team is consistently ranked in the top bands by leading legal directories Chambers and Partners and The Legal 500, and forms part of a large global practice with experts in offices in France, Germany, Belgium, Greece, China, and on the West and East Coasts of the United States, providing a one-team approach on cross-border transactions.
About Sixth Element Capital and CRT Pioneer Fund
Sixth Element Capital is a fund management business, which has been established to identify investment gaps initially in healthcare markets and to implement novel solutions to bring finance and innovation together. Sixth Element Capital LLP is authorised and regulated by the Financial Conduct Authority.
The first fund managed by Sixth Element Capital is the CRT Pioneer Fund. This £50m fund has been established with Cancer Research Technology (CRT) and the European Investment Fund (EIF) to bridge the investment gap between cancer drug discovery and early development. It will take potential cancer drugs, primarily discovered by Cancer Research UK, from discovery through to entry to Phase II clinical trials before partnering with pharmaceutical and biotechnology companies. CRT and the EIF are making equal contributions to the CRT Pioneer Fund. For more information please visit www.sixthelementcapital.com.