Price Bailey advises on £10m research and development acquisition
The Price Bailey Strategic Corporate Finance team assisted with the successful £10m sale of Discuva Limited to Summit Therapeutics plc, a UK and US-listed drug discovery and development company.
Summit, headquartered in Oxfordshire, obtained an innovative research and development platform through its acquisition of Discuva, a privately held Cambridge based company. Price Bailey’s Strategic Corporate Finance and Tax teams assisted with sale mandate and tax services.
The acquisition expands Summit's interests in infectious diseases. The Company is now better placed to advance additional potential drug treatments for patients with serious bacterial infections where there is substantial unmet need, while in parallel continuing to advance its clinical and research programme in Duchenne muscular dystrophy.
Mr Glyn Edwards, Chief Executive Officer of Summit said: "With the acquisition, Summit is positioned as a leader in the research and development of new classes of antibiotics. Using this platform, we aim to generate a pipeline of new mechanism of action antibiotics that address other serious infectious disease threats."
Simon Blake, Partner and Head of Strategic Corporate Finance at Price Bailey commented: “This latest transaction highlights our continued success and expertise in completing Merger and Acquisition deals within Cambridge as well as our international reach. Discuva’s new technology in the antibiotics field was an attractive proposition for Summit because of the infectious disease research they are carrying out, and the platform they have created for new drug discovery,” Simon continued “Cambridge is an attractive place internationally, and it’s a place where real knowledge creation happens.”
Tax Director Richard Grimster said: “I’m really pleased to have been able to deliver the transactions alongside the management team of Discuva for them and the owners. It was a really interesting deal, with a tight timeline and with a number of complexities which we enjoyed overcoming, alongside the legal advisers Taylor Vinters.”
Summit acquired 100% of the issued share capital of Discuva. The consideration to Discuva shareholders comprised of £5.0 million in cash and £5.0 million in new ordinary shares of Summit.
Image Tax Director, Richard Grimster
Price Bailey is a leading firm of business advisers and accountants with eight offices throughout East Anglia, London and Guernsey serving local SMEs, private clients and regional, national and international businesses.