Pinsent Masons advises Dept of Health on £230m disposal deal to US private equity firm

19 Jul 2013 | 03:51 pm | 1 min. read

International law firm Pinsent Masons has advised the Department of Health on a major transaction relating to private sector investment in a government-owned limited company, Plasma Resources UK Ltd (PRUK) through the sale of the majority of the shares in the company to a US private equity firm.

Bain Capital has acquired 80 per cent of Plasma Resources UK (PRUK) and the Department of Health will continue to own a 20 per cent share in the company.  The transaction values PRUK at approximately £230 million.  This deal represents the Government's wider policy of privatising non-core assets and safeguarding the future development of life sciences companies based in the UK. 

Louise Fullwood, Legal Director at Pinsent Masons, said: "This deal represents an excellent outcome  for the Department of Health and for the PRUK business – it should allow PRUK to innovate and grow in the sector on a global platform – the deal includes guarantees safeguarding UK jobs and investment. More broadly, we expect this deal to fulfill its potential as part of the strategically important bioscience sector of the UK economy."

Patients will also benefit, as investment will not only allow continued improvements to the existing products but also the potential development of new treatments to create a better product portfolio. Resources will also be used to ensure that the facilities keep pace with the latest technology so the company can achieve its full potential. Overall, the investment will play a key part in ensuring the continued supply of high quality products to patients.

Potential investors will need to show not just the level of resources they are willing to make available but also set out a credible plan as to how the operations will be grown and how products will be developed. 

The Pinsent Masons team advising the Department of Health was led by Corporate Partner, Peter Wood and Life Sciences Legal Director, Louise Fullwood. The team included Michelle Kershaw, Legal Director at Pinsent Masons and Anaick Summers, Solicitor at Pinsent Masons. Peter Wood commented: “This is an excellent outcome to secure a viable future for this vital service. We were delighted to reinforce our market leading position in healthcare by advising the Secretary of State for Health on this key deal.

”Pinsent Masons recently advised the Cabinet Office on its participation in a joint venture with Capita to exploit IP assets and highlights the strength of the firm in advising the public sector on using innovative commercial models to drive growth and return for the UK economy and its expertise in understanding the needs of commercially innovative business models in the public sector. 

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