Birmingham lawyers advise on vet products group’s £133m share placing
A team of Birmingham-based lawyers have advised vet products group Dechra Pharmaceuticals on a £133.4m fundraise through a share placing.
DLA Piper advised the FTSE 250 veterinary pharmaceuticals business on the placing of 5,1 million new ordinary shares.
The shares issued by Dechra represent around 5% of the issued ordinary share capital of the company prior to the transaction.
The proceeds from the placing will be used to strengthen its balance sheet following a period of acquisitions, and to ensure its financial stability during the current turbulent conditions caused by the coronavirus pandemic.
The DLA Piper team was led by Birmingham-based corporate partner Rob Newman assisted by associate Kirsty Underhill.
DLA Piper’s US securities team advised Dechra on the US law aspects of the deal.
Newman said: “Dechra is a longstanding client of the firm and we are delighted to continue to support them on this fundraising. The proceeds will not only provide enhanced financial strength through the current COVID-19 period but also enable Dechra to maximise its long-term potential.”
Investec acted as sole bookrunner. Latham & Watkins advised Investec.