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Latham Advises Verona Pharma in US$200 Million Private Placement and Subscription

July 24, 2020
Cross-border team represents biopharmaceutical company in private investments in public equity (PIPE).

Latham & Watkins advised Verona Pharma plc (Verona Pharma), a clinical-stage biopharmaceutical company focused on respiratory diseases, on raising approximately US$200 million (£159 million) in an oversubscribed private placement and subscription of American Depositary Shares (ADSs) and Ordinary Shares.

Verona Pharma intends to use the net proceeds from the financing primarily to fund its Phase 3 clinical program ENHANCE (Ensifentrine as a Novel inHAled Nebulized COPD thErapy) in chronic obstructive pulmonary disease (COPD) and for general corporate purposes. The Phase 3 clinical trials are planned to start later in 2020.

Latham’s capital markets team was led by Boston partner Peter Handrinos, New York partner Nathan Ajiashvili and London partner James Inness, with Boston associate Jennifer Yoon, New York associate Tyler Vivian and London associate Haya Aftab.