Appleby acted as Isle of Man counsel to KKR & co., a leading global investment firm, on its acquisition of Prometic Bioseparations Ltd from Liminal BioSciences Inc. The total purchase price is up to GBP 45 million, subject to adjustments for working capital and indebtedness and the achievement of future revenue thresholds.
Prometic Bioseparations Ltd, which is based in the Freeport at Ballasalla on the Isle of Man, is an expert in affinity chromatography and bioseparations, specifically the large-scale purification of proteins (native and recombinant) and the elimination of contaminants including pathogens. Liminal BioSciences Inc. is a clinical-stage biopharmaceutical company and is listed on the Toronto Stock Exchange.
The Appleby team was led by corporate partner Garry Manley with support from partner Caren Pegg and associates Sophie Corkish and Alexandra Dernie. Latham & Watkins LLP acted as lead counsel to KKR with a team led by Kem Ihenacho, Josh Dubofsky and Terry Charalambous.
Appleby's Merger & Acquisitions Team regularly works with FTSE 100 and Fortune 500 companies around the globe to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions. They actively monitor M&A trends through their half-yearly Offshore-i report and their unique global presence means that they are able to advise clients on complex, cross-border transactions involving the offshore jurisdictions.
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