Norton rose Fulbright has advised Goldman Sachs International and J.P. Morgan Cazenove, as global co-ordinators and bookrunners, on the IPO of BioPharma Credit PLC, a new UK investment trust which will be managed by Pharmakon Advisers, L.P., a New York based manager specialising in biopharma royalty investing and lending. This IPO is the largest in the UK this year.

BioPharma’s investment objective is to generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry. The IPO involved an institutional placing and offer for subscription. In addition, BioPharma has acquired a portfolio of seed assets through the implementation of several tender offers made to investors in existing funds managed by Pharmakon and its affiliates. The shares issued pursuant to the IPO have been admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange and to listing and trading on the Official List of the Channel Islands Stock Exchange.

The team was led by Ian Fox, assisted by associate Abhimanyu George Jain. Tom Vita led in relation to US securities aspects assisted by Kevin Connolly.

Ian Fox, partner in the London office commented:

“This was an extremely complex deal which we are delighted to have advised upon. Exceeding the original target of $300m illustrates the attractiveness of the investment in today’s current market.”