News | Pharmaceuticals & Life Sciences

Wednesday 27th February 2002

SJ Berwin has maintained its reputation as one of the leading law firms advising in the global biotechnology/lifescience arena, building upon its impressive record to date, by acting for a syndicate comprising three of the most respected biotechnology and life science investors on the recently completed equity investment in Microscience Limited.

The investment of £25.5 million (USD37 million) in Microscience, believed to be the largest European investment for a biotechnology company in 2002, was the Company's third round of institutional funding. The syndicate was led by JP Morgan Partners and Advent Venture Partners together with existing investors, Apax Partners (all of which were represented by SJ Berwin) and Merlin Biosciences.

Microscience is a privately owned biotechnology company focused on the discovery and development of innovative vaccines. The funds will be used to pay for clinical trials of five vaccines the Company is developing, which include vaccines to protect against Typhoid, Traveller's diarrhoea, Hepatitis B, Meningitis B and neonatal Group B Streptococcus infections. More broadly, Microscience is developing a technology that could allow a wide range of novel vaccines to be administered orally.

Commenting on this deal, corporate finance partner Perry Yam said: "The investment in Microscience provides further evidence that the European biotechnology sector remains a shining light in the private equity market and an exciting arena for those houses with dedicated life science funds. Having advised on the previous funding round, SJ Berwin are delighted to be involved with this latest stage in the Company's evolution".

The SJ Berwin team was led by corporate finance partner Perry Yam who was assisted by Daniel Workman.

• SJ Berwin is a full-service international legal practice with more than 470 lawyers across its offices in London, Brussels, Frankfurt, Berlin, Munich, Madrid and Paris.
• With a dedicated European private equity team comprising over 140 full-time corporate private equity lawyers together with support from its other departments, SJ Berwin advises clients on the full-range of private equity business, both in connection with the establishment of private equity funds and their associated incentive schemes, and on MBOs, MBIs, public-to-privates and venture capital investments.
• SJ Berwin has recently been shortlisted for The Private Equity Awards 2002 "Legal Adviser of the Year" on the basis of its work on the RiboTargets funding. For further information on this deal please go to http://www.sjberwin.com/news/171001_biotech.html.
• SJ Berwin was also recently shortlisted for the Legal Business Awards 2002 in the categories of corporate, property, and planning, as well as for "Most Enterprising Law Firm of the Year". In addition, it has been nominated for the UK Technology Awards 2002 "UK Technology Law Firm of the Year".
• In recent years SJ Berwin has won the European Venture Capital Journal Award for Private Equity Law Firm of the Year 2000, Law Firm of the Year and Property Team of the Year at The Lawyer Awards 2000, and Competition Team of the Year at the Legal Business Awards 2000.
• Synopsis of Biotechnology/Life Sciences at SJ Berwin:
• Leading position as adviser to Life Science and Biotechnology investors: in 2001, SJ Berwin completed 13 deals with an aggregate value of £200 million
• Acted on the largest funding of a UK biotech company in 2001 which comprised a further funding, partial exit for certain founders and a share capital reorganisation
  Acted on the two largest venture investments in UK biotechnology companies comprising syndicates of the foremost biotech investors
• Pre-eminent position in the most active sector in venture capital in 2001
  Specialist adviser on the establishment of pan European private equity funds including the leading Life Science funds