LONDON–Covington advised Arecor Therapeutics plc on the admission of its shares to trading on the AIM market of the London Stock Exchange. The IPO raised gross proceeds of £20 million through an oversubscribed placing of ordinary shares giving the company a market capitalisation of approximately £62.5 million.
Arecor Therapeutics is a globally focused biopharmaceutical company that is targeting improving patient care by bringing innovative medicines to market through the enhancement of existing therapeutics. By applying its innovative proprietary formulation technology platform, Arestat™, the Company is developing an internal portfolio of proprietary products, as well as working with leading pharmaceutical and biotechnology companies to deliver enhanced reformulations of their partners’ therapeutic products, supported by an extensive patent portfolio.
The Covington team was led by corporate partner Simon Amies and included James Gubbins, Victoria Gilbert, Ross Finnie, Michelle Davies, and Hannah Berry (UK Corporate & Capital Markets), Brandon Thompson (US Securities), Guy Dingley and David Walder (Tax & Equity Incentives), Antonio Michaelides and Mark Welch (Employment), Morag Peberdy, Winsome Cheung and Tom Dwyer (Commercial & IP), and Sarah Cowlishaw, Roderick Dirkzwager, and Matthew Hegreness (Regulatory).
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