25 Feb 2016

Stephenson Harwood advises on £162 million IPO for Shield Therapeutics plc

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Stephenson Harwood LLP has advised Shield Therapeutics plc (“Shield”) on its £162 million AIM IPO.

The IPO involved the placing and subscription of £32.5 million of new ordinary shares, and the issue of warrants to subscribe for ordinary shares. If these warrants were exercised in full, they would generate an additional £17.5 million of gross proceeds for Shield. Shield is seeking admission to trading on AIM, a market operated by the London Stock Exchange. Admission to AIM is expected to take place tomorrow, 26 February 2016.

Shield is a specialty pharmaceutical company which focusses on the development and commercialisation of secondary care-focused pharmaceuticals. The funds raised will be used to further develop and commercialise Shield’s lead product, Feraccru, which has received European marketing approval for the treatment of iron deficiency in anaemia.

Andrew Edge, head of corporate at Stephenson Harwood, said:
“This IPO signals a significant step in the further development of Feraccru, Shield’s flagship pharmaceutical product. The deal has been the result of significant efforts over a lengthy timeframe, and shows the merits of persevering in fundraising endeavours. We are particularly pleased to have secured this funding for Shield as it will allow them to market Feraccru which addresses a currently unmet medical need. We look forward to continuing to work with them as their business grows further.”

Andrew Edge led the Stephenson Harwood team alongside fellow partners Alexandra Pygall (IP), Tom Nicholls (corporate) and Barbara Allen (employee incentives). They were assisted by Rob Gray (senior associate, corporate), Gabrielle Pugh (associate, corporate), Charlotte Lewis (trainee, corporate), Matt Kinghorn (trainee, corporate), Lucy Calvert (associate, IP) and Kitty Horsey (associate, employee incentives).

Liberium Capital Limited was the nominated adviser and sole bookrunner, and was advised by Travers Smith corporate finance partner, Richard Spedding.

Andrew is ranked by Chambers UK as a leading lawyer for both M&A and life sciences, where he is recommended as being “incredibly pragmatic, a great sounding board and the ideal partner for our business”. He has also been listed in The Lawyer’s Hot 100 and appeared in the Super Lawyers list of top lawyers from 2013 to 2015.

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Andrew Edge

Andrew Edge
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Andrew Rieley
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