In an innovative deal, intended to further an important field of drug discovery and development, Levrett plc has acquired the entire share capital of Nuformix for a total consideration of £12million and raised £2.3million by way of a placing.

Cambridge-based Nuformix is involved in a cutting-edge field of pharmaceutical research and development; pioneering the use of cocrystal technology to unlock the therapeutic potential of approved small molecule drugs.

The funds raised by the deal will be reinvested to help further the company’s discovery and development activities and leverage its intellectual property assets.

Advisers at Shakespeare Martineau have supported Levrett’s ongoing strategy to acquire an existing business, ideally with significant intellectual property in the pharmaceutical and biotechnology sectors. Having worked on the original IPO of Levrett, Shakespeare Martineau advised on all aspects of the reverse takeover and placing, as well as the relisting on the Standard List and the London Stock Exchange.

Keith Spedding, corporate partner at Shakespeare Martineau, said: “The deal is testament to the impressive IP assets held by Nuformix and the potential for these methods to produce lifesaving treatments. Being able to help bring two companies together to better the outlook of pharmaceutical development has been a real pleasure.“

“The development of drugs through cocrystallisation has significant benefits compared to more traditional methods of drug development. Specifically, Nuformix’s approach uses existing drug molecules, which have provensafety this regulatory history reduces development risks, costs and time and has a more direct regulatory pathway, allowing faster market approval.”

Pascal Hughes, CEO of Levrett plc, said: “We believe the Nuformix business has the potential to generate significant value in the therapeutic market as well as improve safety, treatment efficacy and reduce costs. Making such advancements, when compared to traditional biotech models, is an extremely rewarding prospect.

“The support from Keith and his team at Shakespeare Martineau, who have provided the support required to see the transaction through to fruition, has been second to none.”