Travers Smith Corporate Partner Andrew Gillen and Corporate Senior Associate Daniel Simons have advised Numis Securities Limited as sole sponsor, financial adviser, underwriter and broker on IP Group plc’s (“IP Group”) £75 million firm placing, placing and open offer and offer for subscription (the “Capital Raising”) and as sole sponsor and financial adviser in connection with IP Group’s recommended all-share offer for Fusion IP plc (“Fusion IP”) (the “Acquisition”).
The Capital Raising, which may be increased to up to £100 million should there be sufficient demand, and the Acquisition are not interconditional and neither is contingent on the other.
IP Group was established in 2000 to commercialise scientific innovation developed in the UK’s leading research institutions. IP Group’s business model is to form, or assist in the formation of, spin-out companies based on that innovation, to take a significant minority equity stake in those spin-out companies and then to grow the value of that equity over time taking an active role in the development of such spin-out companies.
Fusion IP was established in 2002 to commercialise university-generated intellectual property and currently has agreements with four UK universities: the University of Sheffield, Cardiff University, the University of Nottingham and Swansea University. Fusion IP works in partnership with these Universities to identify the IP that they believe has the greatest commercial potential and then invests its money and resources in such inventions in order to generate value from this world-class research.
Pinsent Masons advised IP Group and Ashurst advised Fusion IP.
