Pinsent Masons Leeds office advises on £230m deal
The Leeds office of international law firm Pinsent Masons has advised the Department of Health on a major transaction relating to private sector investment in a government-owned limited company, Plasma Resources UK Ltd (PRUK), through the sale of the majority of the shares in the company to a US private equity firm.
Bain Capital has acquired 80 per cent of Plasma Resources UK (PRUK) and the Department of Health will continue to own a 20 per cent share in the company.
The transaction values PRUK at approximately £230 million. This deal represents the Government’s wider policy of privatising non-core assets and safeguarding the future development of life sciences companies based in the UK.
Patients will also benefit, as investment will not only allow continued improvements to the existing products but also the potential development of new treatments to create a better product portfolio.
Potential investors will need to show not just the level of resources they are willing to make available but also set out a credible plan as to how the operations will be grown and how products will be developed.
The Pinsent Masons team, entirely based in Leeds, was led by corporate partner Peter Wood and life sciences legal director Louise Fullwood.
Louise Fullwood commented: “This deal represents an excellent outcome for the Department of Health and for the PRUK business – it should allow PRUK to innovate and grow in the sector on a global platform the deal includes guarantees safeguarding UK jobs and investment.
“More broadly, we expect this deal to fulfill its potential as part of the strategically important bioscience sector of the UK economy.”
This was posted in Bdaily's Members' News section by Mark Lane .
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