31 Aug 2012
Osborne Clarke has advised medical technology company Sirigen Group Ltd on its acquisition by BD (Becton, Dickinson and Company), a leading global medical technology company for an undisclosed sum.
Dr Janita Good, head of life sciences at Osborne Clarke, said:
“We have seen an increase in activity in the Life Sciences sector which has resulted in us being instructed on many new matters, including mergers and acquisitions, VC funding, and licensing intellectual property and Osborne Clarke is delighted to have advised on this significant deal in the sector.”
Founded in 2004, Sirigen uses Nobel-prize winning science to produce light harvesting polymers which have a wide range of applications in research, medical diagnostics and life sciences.
BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world.
Sirigen is headquartered at Ringwood, Hampshire, UK with offices in San Diego, California and employs 15 staff across these locations. Sirigen has raised £10.3 million across four rounds of funding since January 2008 from UK venture capital investors Seraphim Capital, Oxford Capital Partners, IQ Capital, Nesta and YFM Equity Partners who are fully realising their holdings and achieving potential returns in the range of 2.5x – 4.0x on their original investment.
Former Sirigen CEO Nick Kerton said of Osborne Clarke’s Lifesciences team that:
“It would be an understatement to say that they are brilliant!”
On the deal itself, he commented:
“BD and Sirigen have established a strong relationship over the last 6 years and BD’s technical expertise is an excellent match to the highly talented and unique Sirigen Chemistry team. Our longstanding relationship and complementary teams gives me a great deal of confidence that they will deliver exciting offerings for customers.”
David Evans Chairman of Sirigen prior to closure commented:
“For the nature and size of Company this was the most complex deal that I have ever been involved in and the Osborne Clarke team brought to the table the skills necessary to help us overcome the complexities of the transaction and ultimately enabled the deal to get done – a job very well done”
The Osborne Clarke team advising Sirigen Group was led by head of life sciences and Corporate partner Janita Good assisted by Ray Coyle and Joanne Loveridge, senior associate Tracey Wright advised on corporate tax and Sue el Hachmi, and Karen Cooper worked on complex options and incentive aspects. The intellectual property aspects of the deal were led by Tara Sherbrooke.
BD was advised by Ropes and Gray.