Covington Advises Allergy Therapeutics on Alerpharma Acquisition and £20 Million Placing

Covington Advises Allergy Therapeutics on Alerpharma Acquisition and £20 Million Placing

June 24, 2015

LONDON, June 24, 2015 — Covington advised Allergy Therapeutics plc, the AIM-listed specialty pharmaceutical company, on its recently announced acquisition of Alerpharma, S.A. a Spanish-based allergy immunotherapy company which previously spun out from Spanish biopharmaceutical company, Zeltia S.A.
 
Alerpharma’s principal operating subsidiary, Inmunal, markets immunotherapy vaccines, bacteriological vaccines and diagnostics. The acquisition complements Allergy Therapeutics’ existing Spanish business, provides it with a newly-built manufacturing facility and creates one of the leading immunotherapy companies in Spain.  The consideration for the acquisition consists of an initial payment of €3.8 million and an earn-out based on future sales.

Covington also advised Allergy Therapeutics on its recent £20.8 million placing of ordinary shares with institutional investors. The proceeds of the placing are being used to progress the clinical development of the company’s lead product, Pollinex Quattro Grass, through to FDA approval and planned launch in the United States in 2019.

The London and Brussels-based teams handling these transactions were led by partner Simon Amies, and included associates Rabie Masri and Emma Heffernan, with assistance from Robin Blaney and Candido Garcia-Molyneux (regulatory), Morag Peberdy (IP), Guy Dingley (tax), and Christopher Walter (employment).