National legal business DWF has advised Redx Pharma plc, one of the UK’s fastest growing drug development companies, on its IPO, which values the drug developer at £55.2m on admission and signals a boost for the region’s life science industry.
Established in 2010, Redx Pharma focuses on improving the characteristics of existing drug classes, creating ‘best in class’ new drugs in cancer and infectious disease. The Liverpool-headquartered biopharmaceutical company has an office location in Alderley Park, considered one of the Northwest’s top bioscience hubs. The company’s work has been endorsed by partnerships with the NHS and global pharmaceutical companies, including a two year research collaboration and option agreement with AstraZeneca UK Limited, which was signed in August 2014.
Frank Shephard, partner in the DWF corporate team advised Redx on the IPO. Frank was assisted by Nick Hawthorne and Katy Philips. The proceeds from the float will be used to progress Redx’s current pipeline of oncology and infectious disease assets and to create an immunology subsidiary in Alderley Park, which is expected to create further jobs.
DWF has acted for Redx since its formation and has assisted it with various fundraisings throughout the years, culminating in its admission to AIM. Frank Shephard, who lead the deal, commented: “It’s an exciting time for Redx as it looks to further establish itself as a leader in the region’s biotech arena. It’s a cutting-edge company, and this IPO will allow it to continue growing and developing innovative, much-needed products along with creating specialist scientific roles, so we’re pleased to advise it as it takes this next step.”
Neil Murray, CEO of Redx Pharma, commented: “The directors of Redx Pharma plc would like to thank Frank Shephard, Nick Hawthorne and Katy Philips in the corporate team at DWF LLP for all their hard work on this transaction. As you might expect, it has been an involved process for the company and Redx’s admission to AIM is both an important step in our development and a very exciting opportunity for everyone involved with the company. Frank and the team’s dedication, diligence and expertise was instrumental in allowing us to reach such a milestone”
Redx Pharma has 140 staff between its head office in Liverpool and its Alderley Park location. The company has placed 17,647,059 new ordinary shares at 85p per share and began trading as REDX on AIM on Friday 27 March 2015.