Taylor Wessing advise on the sale of DNA Research Innovations Ltd for up to $65 million to Invitrogen Corporation

04-Nov-2004  |  Corporate, Employment & Pensions, Intellectual Property, Life Sciences & Healthcare, Private Capital, Real Estate, Tax

Taylor Wessing has advised the shareholders of DNA Research Innovations Ltd on its sale to NASDAQ-listed Invitrogen Corporation, for a sale price of up to $65 million.

Under the terms of the deal, Invitrogen has paid an initial $35 million in cash to the sellers and will pay up to a further $30 million, subject to the completion of certain technical milestones.

DNA Research Innovations was a privately held company, based in Sittingbourne, Kent, which develops and markets innovative products for the purification of DNA and other nucleic acids.

Taylor Wessing advised both institutional and private sellers (including the employee option holders) and the transaction was completed in a very demanding timeframe.

Simon Douglas, the continuing Chief Executive of the company stated:

"Taylor Wessing were instrumental in our being able to successfully achieve the sale. Their excellent understanding of the core science underpinning our technology together with their focused advice on the legal protections required by sellers of a venture capital backed company, as well as their pragmatic and professional approach would lead me to commend them to anyone, especially within the life sciences sector."

Simon Walker, who led the Taylor Wessing team stated:

"Taylor Wessing is delighted to have advised the shareholders of DNA Research Innovations Limited on the sale of this exciting company, calling upon a diverse range of specialised expertise from across Taylor Wessing.  Following our recent advice on the sales of venture capital-backed Alphamosaic (US$123 million) and Trigenix (US$36 million), this completes a notable hat trick for our venture capital team."

The Taylor Wessing team comprised, corporate partner, Simon Walker, John Scott, Adela Solomon, Matthew Royle and Eleanor West (all corporate), Malcolm Bates and Darren Bezzina (IP/life sciences), Peter Jackson, Leigh Lisk and Alasdair Friend (tax/employee benefits), Gemma Lane (employment), Graham Williams (real estate) and Michael Porter (pensions).

The legal advisors to the buyer were US Counsel, Gray Cary Ware & Freidenrich and DLA LLP in the UK.