​Ashurst advises Vectura on merger with Skyepharma

Ashurst is advising respiratory drug development specialist Vectura Group plc ("Vectura") on its recommended merger with peer company Skyepharma plc ("Skyepharma"), which will be implemented by way of a scheme of arrangement. Under the terms of the deal, Vectura will acquire all of the shares of Skyepharma, in return for the issue of Vectura shares to Skyepharma shareholders, together with a partial cash alternative of £70 million. The deal values Skyepharma at £441 million, and on completion the enlarged group will have a pro forma market capitalisation of £1 billion (based on the closing price of the respective companies on 15 March 2016).

The Ashurst team is being led by corporate partners Adrian Clark, James Wood and Dominic Ross, assisted by senior associate David Dowding and associates Jacob Gold, Avril Mollaghan, Jessie Heners, Marianna Kennedy and Louise Chan. Advice on Vectura's debt financing is being provided by finance partner Tim Rennie and senior associate Vanessa Hunter. Partner Nigel Parr and senior associate Steven Vaz are providing competition advice.