Legal Business Blogs

Listing in London – King & Spalding carries US biotech to AIM listing

King & Spalding’s recent recruits in the City have helped handle Californian biotech company Verseon £300m stock market listing in London while Covington & Burling advised from San Francisco.

London corporate partners William Charnley and Tom O’Neill handled the listing on the Alternative Investment Market for the Californian company with support from partners in the US while Covington & Burling advised from San Francisco. K&L Gates’ London corporate chief Paul Tetlow advised Cenkos Securities, the nominated adviser and broker to Verseon. The move marked a turnaround from the stream of European drugs companies listing in the US to raise money for expansion.

US securities specialist O’Neill joined King & Spalding in November from Linklaters last year as part of the firm’s recent expansion in the City, which has continued into 2015 with the hire of Latham & Watkins’ former European vice chair of tax Daniel Friel in March and Fried Frank Harris Shriver & Jacobson’s London disputes head Nick Cherryman last month.

The listing gives Verseon a market capitalisation of £303m with it planning to use £61m to advance its current drug programmes, expand its drug pipeline into additional disease indications and develop its drug discovery platform.

The deal follows the work done by Markus Bauman, a US securities specialist who also arrived last November from Latham & Watkins, on mobile food ordering company Delivery Hero’s $589m purchase of Turkish peer Yemeksepeti which completed on Friday (8 May 2015). Bauman worked alongside Elisabeth Baltay who was brought in from Bingham McCutchen in October 2014.