Walker Morris corporate team advises biotech business on proposed placing

Specialist corporate lawyers at Walker Morris have advised Avacta Group, the developer of Affimer biotherapeutics and reagents, on its proposed placing and subscription.

The placing and subscription have been proposed at a price of 25 pence per share to raise gross proceeds for Avacta of £11.6 million.

The placing is being conducted by way of an accelerated bookbuild process.

Biotechnology business Avacta is a global provider of proprietary dialogistic tools, consumables and reagents for life sciences and has facilities based in Wetherby and Cambridge.

Richard Naish, Edward Ainscoe and Christopher Stanton from the corporate team at Walker Morris provided legal advice to Avacta.

Naish commented: “Avacta is a long-standing client of Walker Morris and we have worked with them on a number of key developments over the years. We are delighted to have been able to work with them on this latest placing which will aim to provide additional funding to support the growth strategy and ensure continued market leading development.”

“This placing is the third equity capital markets transaction we have advised on this month and is further demonstration of our specialist expertise in this area.”

Corporate lawyers at Walker Morris recently advised Real Good Food on a proposed open offer to raise up to approximately £1 million. This followed the firm’s advice to TheWorks on its proposed initial public offering, which would value the specialist retailer at approximately £100 million.