DLA Piper advises leading biotechnology business on GBP1.375 million placing

DLA Piper has advised its longstanding client Fusion Antibodies plc on its successful raising of GBP1.375 million (before expenses) through the placement of 34,375,000 new ordinary shares at a value of four pence each, subject to stakeholder approval.

Listed on London’s AIM market, Fusion Antibodies, which offers services to Biotech and pharma drug development companies, will utilise the funding to expand its footprint, generate supporting data for their key antibody discovery platforms, and boost its presence in the key North American markets and verticals including diagnostic and veterinary medicine.

Fusion Antibodies is a Belfast-based biotechnology company that provides a range of antibody engineering services for the development of therapeutic drugs and diagnostic applications. Serving as a Collaborative Research Organisation (CRO), it provides antibody discovery, engineering and supply, and cell line development. For over 10 years, the business has successfully sequenced and expressed over 250 antibodies and completed over 200 humanisation projects for its blue-chip client base that includes eight of the top 10 global pharmaceutical businesses by revenue.

A team from DLA Piper’s Sheffield office worked on the transaction and was led by partner in the firm’s Corporate practice, Rob McKie. He was supported by legal director, Liam Freeman.

Rob McKie, partner, commented: “Advising Fusion Antibodies on completing this fundraise demonstrates the confidence the market has in the business and the wider sector. This transaction further fortifies our relationship with Fusion Antibodies and builds on our previous work to support their business development.”