On 23 May 2011, Sinclair Pharma plc ("Sinclair Pharma"), a London-based international specialty pharmaceutical company, announced that the scheme of arrangement to implement its acquisition of IS Pharma plc ("IS Pharma") had become effective and that the acquisition had been completed.
Sinclair Pharma is an international specialty pharmaceutical company providing solutions to treat wounds, dermatological and oral diseases through advanced surface technology and innovative delivery systems.
IS Pharma is a specialist hospital medicines group which had been (until its acquisition by Sinclair Pharma) an AIM quoted company. IS Pharma has been building itself up to be a leading European specialty pharma company by acquiring, developing and commercialising late stage pharmaceuticals and medical devices. Based in the UK, IS Pharma commercialises its portfolio in the UK and Ireland directly. IS Pharma also operates internationally through a strong network of distributors.
The total price of the acquisition was about £54 million.
The new Sinclair Pharma shares were admitted to trading on the Official List on 23 May 2011. An application has been made to delist the Sinclair Pharma from the Official List and an application was made for admission of the Sinclair Pharma plc's shares to trading on AIM. On 6 June 2011 the entire issued share capital of Sinclair Pharma was admitted to trading on AIM.
Fasken Martineau advised Sinclair Pharma on various elements of this transaction, inter alia, the implementation of the acquisition, the Prospectus, the Class One Circular, the Scheme of Arrangement and the admission to AIM. The Fasken Martineau team included June Paddock, Abayomi Akinjide, Peter Rhodes, Michael Kashis and Liana Uzoziri.