Dechert scoops 2003’s first UK biotech IPO

Dechert has advised on the first biotech IPO to get away in the UK this year. London partner David Vogel led the team that advised Yesterday BioProgress plc on its admission to AIM.
The company’s subsidiary BioProgress Technology International Inc was previously listed on the US’s Over the Counter Bulletin Board, but as part of the deal all its existing shareholders swapped their US shares for shares in the new UK company.
Vogel said: “Although BioProgress knew what they wanted to do – bring the company home to the UK and its capital markets – this simple idea required creative thinking to solve the complex cross-border and novel legal and accounting issues which were raised.”