CYCLACEL

In a transaction thought to be the largest biotech funding in UK history, KLegal acted for Cyclacel to raise £34m. The team advising the Scottish-based cancer therapeutics company was led by Patrick Martin. The funding involved the subscription for preferred shares by a syndicate of investors led by Invesco Private Capital and included investors such as the Singapore government. Martin said that one of the biggest issues was coordinating the different parties. The lead investor was American and the deal ended up with a hybrid of the US and the UK ways of doing things. The work came from an old relationship – KLegal acted for the founders of Merlin Biosciences in the early 1990s. It was Merlin that set up Cyclacel in 1997 with the University of Dundee and Cancer Research. Since then there have been two previous rounds of financing. KLegal expects to continue to act for Dundee-based Merlin in future finance work.