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BPE acts for Open Orphan in reverse takeover and £4.5 million fundraising

Top 200 law firm BPE Solicitors has acted again for Open Orphan plc (formerly Venn Life Sciences Holdings plc) in connection with its acquisition of Irish rare disease and orphan drug focussed pharmaceuticals services company, Open Orphan DAC, and a related placing of shares which raised £4.5 million (before expenses).

The consideration for the acquisition of Open Orphan DAC was approximately £5.7 million and was satisfied by the issue of new shares in Open Orphan plc.

The transaction, which was conditional on shareholder approval, was a reverse takeover under the AIM Rules for Companies and the Euronext Growth Rules for Companies and involved a waiver of the requirement to make a mandatory offer under the City Code on Takeovers and Mergers.

BPE’s Corporate team has acted for the company on a number of transactions in the past and this recent deal was led by Senior Associate, Louise Grzasko with assistance from Kathryn King.

Commenting on the deal, Louise said: “We are always delighted to help new and existing clients with their fundraising and growth plans. This recent fundraising by Open Orphan will support the company's business plan and provide consideration for future acquisitions. We look forward to continuing to support them with their future endeavours”.

Cathal Friel, Chief Executive Officer of Open Orphan, commented: “We are excited by the enlarged group's growth potential as we seek to build a full-service, Europe wide, consultancy offering services to the fast-growing orphan drug market.  I am grateful to know I will have the support of the BPE team as we execute our expansion strategy.  They have been extremely professional throughout this transaction and I have been impressed by their dedication and the high quality of their advice.”

These notes have been prepared for the purpose of articles only. They should not be regarded as a substitute for taking legal advice.

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