Global law firm Reed Smith has advised Motif Bio plc on its admission to AIM, the merger of its subsidiary with U.S. pharmaceutical company Motif BioSciences, Inc. and its subsequent acquisition of Nuprim, Inc.
Motif Bio plc and its subsidiary Motif BioSciences, Inc. are clinical stage biopharmaceutical companies based in London and New York. The deal grants the Motif Group exclusive worldwide rights to develop and commercialise novel antibiotic Iclaprim, and to raise sufficient funds to complete preparations to enter it into phase III clinical trials.
The admission to AIM involved the issue of over 64 million new ordinary shares, which raised approximately £3 million. On admission, Motif Bio plc had a market capitalisation of approximately £12.8 million.
A London and New York team, led by corporate partner James Wilkinson, advised Motif Bio plc on the admission of the company’s ordinary shares to trading on AIM and on the merger of the company’s subsidiary with Motif BioSciences, Inc. Simultaneously, the team advised on the acquisition of Nuprim, Inc., a Maryland corporation owning the exclusive worldwide rights to Iclaprim.
Reed Smith partner, James Wilkinson, commented:
“We have an extensive track record of bringing U.S. companies to the London markets. This deal is an excellent reflection of our trans-Atlantic M&A and equity capital markets capability being deployed to support a long-standing client.”
CEO of Motif, Graham Lumsden, commented:
“Our overriding objectives in becoming a public company have been to close the merger transaction with Nuprim, Inc., granting Motif Bio plc exclusive worldwide rights to develop and commercialise Iclaprim, and to raise sufficient funds to complete preparations to enter phase III trials with Iclaprim. I am pleased to confirm that we have achieved both objectives and Reed Smith was instrumental in assisting us to achieve these objectives.”
The full Reed Smith team included partners Aron Izower (New York), Craig Tanner (Silicon Valley), Garth Osterman (San Francisco), Caspar Fox, Laurence Rees and consultant Jeremy Glover (all London). Associates involved were Fiona McFarlane (London), Annette Beresford (London), Michelle Stewart (Silicon Valley), Rana Ansari (San Francisco) and Mat Saykiewicz (Pittsburgh), with support from trainees Jess Hartley and Adam Ruddock (both London).
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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 3787.