Leading law firm, BDB Pitmans, was instructed by investment bank N+1 Singer, in a placing and subscription of new ordinary shares and warrants for Summit Therapeutics plc (‘Summit’), to raise $50 million from Summit’s existing shareholders.
BDB Pitmans worked alongside counsel in the United States as Summit’s US shareholders were also being approached to invest in the fundraising. Additionally, the transaction included proposals to restructure Summit Therapeutics’ board of directors, with the firm’s new majority shareholder proposing appointing a new board and delisting Summit from the Alternative Investment Market (AIM), whilst maintaining the firm’s listing on Nasdaq.
The BDB Pitmans team was led by corporate partner Nick McCarthy who worked alongside corporate legal director Andrew McGlashan. CMS acted for Summit Therapeutics.
‘This deal was particularly interesting and complex, given Summit Therapeutics’ cross-border shareholder base. The successful outcome of the deal reflects the capability of the BDB Pitmans team to advise clients on unique and challenging legal matters.’
