Penningtons Manches’ corporate team has advised Brighton-based Enterprise Therapeutics Ltd on the closing of a circa £29 million series B funding round. The investment was co-led by Versant Ventures and Novartis Bioventures, with new investor Forbion Capital, and existing investors, Epidarex Capital and IP Group, completing the syndicate.
Enterprise Therapeutics is a drug discovery company which engages in the research and pioneering development of therapies for the treatment of respiratory diseases such as cystic fibrosis, chronic obstructive pulmonary disease and severe asthma. The funds will be used by the company to support its drug discovery pipeline of muco-regulatory therapies through human clinical trials. The company aims to target the underlying mechanisms of mucus congestion in order to alleviate the symptoms and complications associated with respiratory disease.
The Penningtons Manches team was led by Corporate partner James Went with support from associate Nicola Harding. James commented: “This is a striking vote of confidence by leading life sciences investors in Enterprise Therapeutics, its technology pipeline and management team. Having advised Enterprise Therapeutics since its initial venture capital funding, it’s been a pleasure working with the team on this key next step.”
This deal is the latest in a series of high profile corporate transactions undertaken by the firm’s corporate team. Following 140 deal completions in 2017 with an aggregate value of £1.5 billion, the team continues to build on this strong performance in 2018.