Type: News Releases
International law firm, Reed Smith has advised Azure Ventures Limited (Azure), part of Recalcine Group, on its £12.5 million investment in Allergy Therapeutics plc (Allergy), an AIM listed pharmaceutical company.
Azure is associated with the Recalcine Group, a group of pharmaceutical companies that has a presence in 20 countries including a significant presence in South America. Azure currently has a 42.19% holding in Allergy. As part of its investment, Azure was also granted warrants to subscribe for additional shares up to a value of £4 million. Azure’s investment required the consent of the shareholders of Allergy and approval by the Takeover Panel.
The Reed Smith corporate team included Giles Beale (lead partner), Saul Sender (partner) and Sarah Hooker (associate).
Giles Beale, relationship partner for the Recalcine Group, commented:
“This transaction is an excellent example of Reed Smith’s ability to combine expert knowledge of capital markets transactions with its in-depth understanding of the life sciences sector. The Recalcine Group, which includes Chilean drug manufacturer Laboratorois Recalcine S.A., has been seeking investments in Europe to expand its reach beyond its home markets in South America and newer ones in the South East Asia. Recalcine is interested in playing a part in the consolidation of small and medium sized European pharmaceutical companies, a trend that we expect to become increasingly evident based on recent activity amongst our life sciences clients.”
Note to Editors:
About Reed Smith
Reed Smith is one of the 15 largest law firms in the world, with nearly 1700 lawyers in offices across Europe, the Middle East, Asia and the United States.
We advise many of the world’s leading organisations on cross-border transactions, complex dispute resolution and regulatory matters.
For further information please visit www.reedsmith.com or contact: Jeyda Star, senior branding & communications executive, on +44 (0)20 3116 2571
Further information on Allergy Therapeutics plc investment
In addition to Azure’s investment in Allergy, the company raised a further £9.2 million by way of a placing and offer to qualifying participants. Allergy has already used the investment to reduce their debt and propose to use the balance of the investment to expand their sales operations and for general working capital.
About Allergy Therapeutics plc
Allergy is a Europe-based specialty pharmaceutical company focused on the diagnosis and treatment of allergy.
For further information please visit: www.allergytherapeutics.com/
About Laboratorios Recalcine S.A.
Laboratorios Recalcine is a Chile based pharmaceutical company that focuses on branded generics.
For further information please visit: www.recalcine.cl/