Stephenson Harwood LLP has advised a new client, AIM-listed life sciences company TyraTech Inc. on the shareholder consent required for the US$17.5 million sale of its human lice product Vamousse to Alliance Pharma PLC, the global pharmaceutical company, and on the proposed tender offer to TyraTech shareholders.

Alliance Pharma, via its subsidiary Alliance Pharmaceuticals Ltd, will pay an initial consideration of US$13 million to TyraTech, and a deferred contingent payment of up to US$4.5 million, based on the success of future sales performance. Vamousse, an established brand, was launched in the UK and US in 2014. The disposal enables TyraTech to focus on its animal health products strategy, and concentrate on opportunities within the US$6 billion animal heath market for control of insects and parasites.

The tender offer is a means to return value to TyraTech shareholders.

The TyraTech share price doubled upon announcement of the transaction.

The Stephenson Harwood team was led by head of corporate Andrew Edge, who was supported by corporate associate Marina Pappas. Corporate tax partner John Meehan and tax senior associate Hilary Barclay advised on UK taxation aspects.