RPC advises Roquefort Therapeutics on reverse takeover and AIM move

International law firm RPC has advised Roquefort Therapeutics plc, the London-listed biotech company, on its reverse takeover and acquisition of clinical-stage oral oncology drug.

Today, Roquefort has completed its acquisition of the exclusive worldwide licence to AO-252, a clinical-stage oral oncology drug developed by Coiled Therapeutics, and the admission of its shares to the AIM market.

On admission, Roquefort will have a market capitalisation of £42.59million, and its name has changed to Coiled Therapeutics plc. Alongside its admission to AIM, it also completed an £8.5m equity raise, which will support the company's transition into a clinical-stage oncology business.

As part of the transaction, Roquefort will move onto the AIM market of the London Stock Exchange, making it the first pre-revenue, clinical-stage biotech company to fundraise and list on AIM since 2021. The transaction comes against a backdrop of renewed M&A and capital markets interest in innovative oncology treatments, and investor appetite for early-stage life sciences companies.

RPC's team advising Roquefort was led by Partner James Channo and Associate Rachel Stanley, with support from the wider Corporate team. 

Commenting on the deal, James Channo said: "We are very pleased to support Roquefort on this strategically significant transaction. The combination of a reverse takeover, a move from the Main Market to AIM and a substantial equity fundraise, demonstrates that London remains an attractive location for ambitious life sciences companies looking to access growth capital."