Pinsent Masons has advised IP Group on its proposed acquisition by way of a scheme of arrangement of investment business Fusion IP at a price of more than £85 million.

Corporate partner Russell Booker led a team advising the IP commercialisation business on the deal which was announced at the same as a £75 million fund raising and open offer of 45.5 million shares to raise up to £75m by way of a firm placing, open offer and placing.

Commenting on the deal, Russell Booker, said: "The fund raising and acquisition is transformational for both companies providing broader capabilities across the UK. Fusion and IP Group are both innovative in the field of intellectual property and provide essential research across a number of areas.

The deal clearly highlights Pinsent Masons' expertise across the IP and life sciences industry as well as its corporate capabilities."

IP Group, which acquired 20.1 per cent of Fusion in 2009, works with 11 universities in the UK supporting IP development in fields as diverse as computer-aided drug discovery to fuel cell technology and graphene. Fusion currently works with four universities.

The capital raising will enable IP Group to accelerate growth across a number of sectors pursue, novel therapeutics and consider future spin-out companies.