News | Private Equity

Wednesday 5th September 2001

SJ Berwin advised Abingworth Bioventures III as lead investor in a syndicated £13.2 million investment in Phoqus Limited. Other investors included Abbey National Treasury Services, the Wellcome Trust, GATX, and follow on financing from existing investors 3i and Advent Ventures.

Phoqus, a drug delivery company, has been established to develop and commercialise a novel, patent-protected, pharmaceutical formulation and manufacturing technology, based on the principles of electrostatic powder deposition. The technology trademarked "LeQtradose", enables the three-dimensional and precise application of pharmaceutical powders onto the surface of tablets or other substrates. LeQtradose advanced drug delivery systems can accommodate multiple shapes and sizes of solid oral dosage forms.

The SJ Berwin team was led by Ylan Steiner, who was assisted by David Witkin.

Adam Greaves of Gouldens advised Phoqus. In addition, the transaction involved a record number of further legal advisers including Osborne Clarke (Bristol), Decherts, Pinsent Curtis Biddle, CMS Cameron McKenna, Osborne Clarke (London), Addleshaw Booth & Co and Brobeck Hale & Dorr.

• SJ Berwin was founded in 1982 and is a full-service international legal practice with 120 partners and more than 430 lawyers. It has offices in London, Brussels, Frankfurt, Berlin, Munich, Madrid and Paris.
• With the largest dedicated private equity team in Europe, 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 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.