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August 7, 2014
LONDON, 7 August, 2014 — Covington advised Ergomed plc, an international clinical research business, on its flotation on the AIM market of the London Stock Exchange, an associated fundraising and its simultaneous acquisition of PrimeVigilance Limited, a leading provider of pharmacovigilance and medical information services. Ergomed ‘s market capitalisation on admission was approximately £46 million. The fundraising, made up of a placing led by Oriel Securities, as well as a separate series of private subscriptions, raised £11 million from new investors. Ergomed, a UK-based company, operates in over 40 countries across five continents and has more than 60 clients ranging from top 10 pharma companies to biotechnology companies. It has two complementary businesses: a well-established, clinical research business providing services to the pharmaceutical and biotechnology industry; and a co-development business – a growing portfolio of partnerships with pharmaceutical and biotech companies, providing its drug development services on a selected basis in exchange for a carried interest in any revenues attributable to the drug asset, including out-licensing milestones as well as sales of the product. The London based team was led by partner James Gubbins and associate Andrew Dalton, and included Guy Dingley (tax), Sarah Cowlishaw and Zafar Qadir (life sciences transactional), Chris Bracebridge and Hannah Bradshaw (employment) and Kristian Wiggert (US securities).