Law firm brokers £29.6m deal

MANCHESTER commercial law firm Kuits has advised its client Fastnet Equity on the acquisition of Amryt Pharmaceuticals DAC and the company’s subsequent admission to AIM.

Fastnet is to acquire the entire issued share capital of Amryt for £29.6m. The share placing on AIM will raise £10m, which the company – to be renamed Amryt Pharma plc – will use to develop its lead treatment for a rare skin disorder.
 
The transaction was led by corporate partners Kirsti Pinnell and Peter Allen, and supported by Rebecca Bainbridge.
 
Joe Wiley, proposed chief executive of Amryt Pharma plc, said: “We are focused on building a portfolio of differentiated medicines, in therapeutic areas where there is large unmet medical need and which offer significant commercial potential.
 
“Importantly, the £10m in new funds will enable us to accelerate the development of Episalvan as a treatment for epidermolysis bullosa, a rare, debilitating, genetic skin disorder and orphan condition that typically affects young children and for which there is currently no approved therapy.”

Pinnell said: “We are delighted to have advised our client at every stage of its journey in developing a specialised pharmaceutical company focused on best-in-class drugs.”