Allen & Overy and Covington are feline good as IPO activity picks up

After a run of fairly quiet years for biotech flotations, it looks as if – like the rest of the IPO market – they’re back with a bang.

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And it’s good news for cat lovers. Just last month, Circassia became the first biotech company to list on London’s Main Market since 2006. The Oxford-based allergy treatment-maker raised £200m from the floatation, which it intends to use to further develop its cat-allergy vaccine Cat-SPIRE.

Allen & Overy was the key adviser to the company on the listing, while Osborne Clarke advised a syndicate of investors, and Simmons & Simmons the underwriters and joint bookrunners.

It’s not just the main market getting in on the action – Aim has also welcomed back biotech. Covington & Burling helped new client Horizon Discovery to float on the sub-market, securing £68.6m from investors to fund its ground-breaking personalised medicine research.

According to market sources, there are plenty more biotech IPOs where these came from.

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