Simmons wins BTG's UK work

Simmons & Simmons has landed a new corporate client in the guise of Bio-Technology General Corporation (BTG), as the US pharmaceutical group makes its first foray into the UK market.
Traditionally an intellectual property (IP) client for Simmons, Nasdaq-listed BTG used the firm's corporate department after an internal referral for its £64m purchase of Leeds-based Rosemont Pharmaceuticals.
The deal took around four months to complete following an auction process after Amsterdam's Akzo Nobel decided to offload its subsidiary Rosemont. Simmons corporate partner Mark Curtis led the deal and was assisted by lawyers from the firm's specialist bio-tech and pharmaceuticals team.
The firm hopes the company will be a new source of corporate work as BTG currently has a cash pile of £76.4m and, according to a City analyst, is hoping to diversify its medical product range through acquisition. Though whether the company will focus on increasing its market share in the UK or the US is not yet clear.
Curtis said that the firm worked closely with RFW Associates, a niche corporate finance and health strategy adviser on the deal, adding: “With these sorts of companies there is often a lot of value in its IP which you have to very mindful of.”
UBS Warburg and PricewaterhouseCoopers also acted for BTG, while Akzo Nobel was advised in-house with financial advice provided by Deutsche Bank.
The acquisition of Rosemont arrives at a trying time for BTG, which, like many companies, was forced to restate its profits after replacing defunct accountancy firm Andersen as its auditor.