Taylor Wessing advises Chiesi Faramaceutici SpA on disposal of its rights over shares

Taylor Wessing has advised Chiesi Farmaceutici S.p.A, one of Europe's largest privately owned, research-led pharmaceutical companies, in connection with the disposal of its rights over shares in Cita Neuropharmacuticals Inc, a neuropharmaceutical company based in Canada, to Vernalis Plc, a pharmaceutical company listed on the London Stock Exchange.

The consideration payable to Chiesi will be satisfied in part by the issue of shares in Vernalis with the balance payable in cash to be raised through a vendor placing being undertaken by Vernalis and underwritten by Piper Jaffray.  The acquisition is expected to complete on 14 December 2005, subject to receipt of Vernalis shareholder approval.

The Taylor Wessing team was led by Head of Corporate, David Roberts, assisted by Nick Hazell (corporate) and Elizabeth Small (tax).

Vernalis was advised in London by Anna Buscall and Gavin Weir of Allen & Overy, and in Toronto by John Unger of Torys LLP.  Piper Jaffray was advised by Jones Day.