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March 25, 2014
LONDON, 25 March, 2014 — Covington & Burling advised Vectura Group Plc, a product development company that focuses on the development of pharmaceutical therapies for the treatment of airways-related diseases, on its acquisition of German pharmaceutical company Activaero GmbH for a total consideration of €130 million (£108 million) and related fundraising to raise approximately £52 million (gross). Activaero focuses on the development of products for the treatment of respiratory diseases. Its proprietary smart nebuliser-based technology (FAVORITE) allows drug deposition into targeted areas of the lung and is currently utilised in seven clinical and several preclinical stage programmes. The acquisition provides new product development opportunities including products in late-stage development, and extends Vectura's technology platform into smart nebuliser-based technology.
The Company raised approximately £52 million (gross) by means of a Placing of shares by Peel Hunt LLP and J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove). The Company intends to use the net proceeds of the Placing to progress the development of FAVOLIR® (Activaero's lead asset) and launch and/or partner FAVOLIR® in the EU and US markets. Any remaining proceeds will be used to fund the development of the Enlarged Group's pipeline.The London-based Covington team was led by partner Natalie Walter and included partners Paul Claydon and Kristian Wiggert, special counsel Matthew Edwards, and of counsel Guy Dingley and Morag Peberdy, with associates Libby Stary, Sarah Hoult and Kristian Shearsby.