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Richard Surtees

Richard Surtees

London +44 20 7067 2187 rsurtees@cov.com Download V-card

Richard Surtees is a corporate associate based in Covington’s London office.

Mr. Surtees advises both private and public companies on a wide range of matters, including mergers and acquisitions, venture capital investments, capital market transactions, and employee equity and benefit offerings. Mr. Surtees has particular focus on the design, implementation, and operation of share incentive schemes, both in the context of corporate transactions and on an advisory basis.


  • Advised Ziylo Ltd, a University of Bristol spin-out company, and its selling shareholders on its sale to Novo Nordisk for total consideration that could exceed $800 million.
  • Represented Artios Pharma Limited on its £65 million Series ‘B’ financing by a syndicate of new and existing investors. 
  • Advised GammaDelta Therapeutics Limited:
    • on its acquisition of Lymphact, a Portuguese based company focused on the research and development of therapeutics products based on its gamma delta (γδ) T cell technology; and 
    • on a strategic collaboration with Takeda to develop GammaDelta’s novel T cell platform, which is based on the unique properties of gamma delta (γδ) T cells derived from human tissues.
  • Advised Consort Medical plc, listed on the London Main Market, in connection with its £230 million acquisition of Aesica Holdco Limited.
  • Represented BenevolentAI, a global leader in the development and application of AI for scientific innovation, on an £80 million equity investment by new and existing investors, including Woodford Investment Management.
  • Represented Ergomed plc:
    • on its acquisition of Haemostatix Limited and associated equity fundraising; and
    • on its flotation on the AIM market of the London Stock Exchange, an associated fundraising and its simultaneous acquisition of PrimeVigilance Limited.       
  • Acted for Safe Harbour Holdings plc, a company established with the objective of creating a global leader in the B2B distribution and/or business services sphere, on its AIM IPO and £22.7 million placing.
  • Acted for Wilmcote Holdings plc, a company established with the objective of acquiring and developing businesses in the downstream and specialty chemicals sector, on its AIM IPO and £15 million placing.
  • Represented Sitryx Therapeutics Limited, an early stage immunometabolism company focused on generating novel PROTACs, on its £23 million Series ‘A’ investment.
  • Advised Abingworth on its £13 million Series ‘A’ investment in Virion Biotherapeutics Limited, a new biotechnology company developing novel therapeutics for respiratory viral infections.
  • Represented the Dementia Discovery Fund in connection with a syndicated $20 million Series ‘A’ investment in Mitoconix Bio Ltd.
  • Assisted Kesios Therapeutics Limited on its £19 million Series ‘A’ financing by a syndicate of investors including Abingworth, Imperial Innovations and SV Life Sciences.
  • Advised Canaccord Genuity Limited as NOMAD and broker to AIM listed EKF Diagnostics Holding plc on its £26 million fundraise by way of an accelerated book build and related acquisitions of U.S.-based Selah Genomics Inc. and Swedish-based DiaSpect Medical AB.
  • Advised Horizon Discovery Group plc on its IPO and admission to AIM, raising approximately £40 million before expenses for Horizon and a further £28.6 million for selling shareholders.
  • Assisted Merck & Co. Inc., on several global integrations and corporate restructurings.

Employee Incentives

  • Assisted Qualcomm, Inc. on the unwinding of existing employee and executive share option plans in connection with its £1.56 billion recommended cash offer for CSR plc.
  • Advised Indivior plc (formerly RB Pharmaceuticals) on employee benefit and UK tax aspects relating to its demerger from Reckitt Benckiser and £1 billion listing on the London Main Market.
  • Assisted Atopix Therapeutics Limited on employee benefit and UK tax aspects on its sale to Chiesi Farmaceutici Spa.
  • Advised Heptares Therapeutics Limited on employee benefit and UK tax aspects on its sale to Sosei Group, for initial consideration of $180 million and up to an additional $220 million contingent on the success of Heptares’ pipeline and platform.
  • Advised Broadridge Financial Solutions, Inc. on employee benefit, EBT arrangements and UK tax aspects on its acquisition of Message Automation Limited.
  • Co-ordinated global equity compliance reports for a number of international clients.
  • Advised a leading visual effects software company on the implementation and operation of international employee incentive schemes, which were rolled out to UK and US employees.
  • Advised various life sciences and technology companies on the set up and implementation of employee share plans namely, enterprise management incentive plans, growth share plans and long term incentive plans.

Pro Bono

  • Advised a UK-registered charity focused on investing in clean and safe water projects globally.

Memberships and Affiliations

  • Share Plan Lawyers Group, Member
  • Employee Share Ownership Centre, Member