Latham and Covington Take Lead on NATO’s First Biotech Investment

Ben Land-Maycock’s commentary was included in an article appearing in The Lawyer detailing Covington’s work supporting the NATO Innovation Fund’s (NIF) first biotech investment. The NIF, launched by the 24 NATO allies to invest over £1 billion into deeptech, and European VC fund Earlybird, led on a £35 million Series A fundraising round for Portal Biotech. Ben worked with the company since he was an associate, and has seen it through its incorporation and seed funding. The Covington team also included associate Hannah Berry and FDI special counsel Ross Evans.

“As an associate I would sit in on board meetings taking the minutes, so you really develop a true trusted adviser and legal partner role and get to see the entire top-down view of the business,” Ben told The Lawyer.

Witnessing Portal Biotech on its journey from first incorporation to taking research from a lab and turning it into a commercial product and now securing a Series A financing round was a particular highlight for the Covington deal team. “It was also interesting and new to work opposite the NATO Innovation Fund, which brings a different perspective to the deal as both a strategic investor, but also a unit formed by the 24 NATO allies,” Ben added.