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Covington Acts for Piper Jaffray in a £24m Fundraising by Vernalis

LONDON, May 19, 2009 — Vernalis plc, the London main market listed pharmaceutical company which is developing a pipeline of clinical and early stage programmes, today announced the completion of a placing and open offer raising £24 million before expenses. It proposes to apply the proceeds of the fundraising to fund its clinical development and discovery research programmes, and for general corporate purposes. Piper Jaffray Ltd acted as the sole financial adviser, sponsor, underwriter and broker to Vernalis. Covington & Burling LLP advised Piper Jaffray on both the UK and US law elements of the transaction.

Based in London, Piper Jaffray Ltd is the market leader in the UK healthcare and life sciences sector as adviser and broker to 17 healthcare clients. The firm also has specialist teams in the technology, alternative energy and consumer sectors. This is the first time Covington has represented Piper Jaffray Ltd.

Simon Amies who led the Covington team in London commented: “We are delighted to have assisted Piper Jaffray on this transaction and feel that Covington’s expertise in the life sciences arena complemented Piper Jaffray’s position as one of the leading healthcare investment banks in Europe.”

The Covington corporate team included partner Peter Laveran-Stiebar on the US aspects of the deal, associates James Baillieu and Karen Brooks, and trainee Tom Goodman. All are resident in Covington’s London office.
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Covington Acts for Piper Jaffray in a £24m Fundraising by Vernalis