The firm pooled the resources from its tax team and European network in working on the $92m IPO
KPMG Law has advised on what it said is the biggest clinical stage biotech IPO to hit the ASX.
The firm helped local clinical stage radiopharmaceutical company Clarity Pharmaceuticals to debut on the ASX with a $92m IPO. Lead partner David Morris described the company as being on “the cutting edge of healthcare sector innovation.”
“We’re delighted to have advised Clarity Pharmaceuticals on this significant transaction. It brings to the market a proudly Australian business with a goal of improving the treatment of children and adults with cancer around the world,” Morris said. “We wish the directors and management of Clarity Pharmaceuticals every success in the company’s journey as an ASX-listed company.”
Clarity Pharmaceuticals’ business focuses on next-generation products that address the rising demand for the use of radiopharmaceuticals in diagnosing and treating cancer sufferers, Morris explained. On listing, the company has a market capitalisation of about $360m.
KPMG Law’s team assisted Clarity Pharmaceuticals on all aspects of the deal. In addition to Morris, the team consisted of director David Tink; solicitors Bree Taylor and Andrew Antoun; and graduates Matthew Dean and Oscar Liu.
The team also received input from KPMG’s tax team on the tax aspects, while lawyers from the KPMG Law branches in Belgium and Norway provided additional legal support.
Morris said that KPMG Law was looking forward to seeing Clarity Pharmaceuticals’ “continued growth and contribution to the global oncology market.”
Morris, who leads the corporate and M&A practice at KPMG Law, also spearheaded another team that advised on the $152m cross-border acquisition of Redflex Holdings Limited by US transportation tech group Verra Mobility.
The acquisition, which was completed via scheme of arrangement, was described by the practice head as a transaction with “various twists and turns.” The KPMG Law team helped Redflex navigate the requisite regulatory and court approval process, he said.
“These included not only a price increase prior to the second court hearing, but also obtaining approval from the Federal Court of Australia at the second court hearing to turn a condition precedent under the scheme of arrangement into a condition subsequent, which is unusual in public M&A transactions,” Morris explained.
He worked on the transaction with Taylor and Antoun, as well as with KPMG Law director Paul Mayson.
