Fox Williams advised long-standing AIM listed client Summerway Capital plc on its £80 million acquisition of Vertigrow Technology Ltd (“Vertigrow”) and associated £8.5 million fundraise.
The Fox Williams team was led by corporate partner Guy Morgan and included corporate associates Chien-Wei Lui and Stephanie Tsang.
Fox Williams advised Summerway on its initial public offering on AIM in 2018, when it was established as a new investing company. Summerway is focused on investment and acquisition opportunities across the healthcare and pharmaceutical sectors, particularly within new and emerging therapeutic areas.
Vertigrow is one of the first pharmaceutical companies in the UK to receive a Home Office licence, following approval from the MHRA to apply for the licence, to grow high tetrahydrocannabinol (“THC”) cannabis, which is expected to be used in medicinal products, initially focusing on the chronic pain market.
Admission of the enlarged share capital became effective, and trading commenced at 8.00 a.m. on 28 March 2022.
Guy Morgan said: “Advising on this deal reflects our significant expertise in representing AIM listed companies and we’re very pleased to have completed the transaction in what is a highly innovative sector.”