Lander & Rogers has advised ASX-listed biotech company Clarity Pharmaceuticals on a fully underwritten equity raising of $121 million.
The raising comprised a placement of $101 million and an entitlement offer to eligible shareholders which raised a further $20 million. The transaction is Clarity’s first capital raising since the completion of its $92 million IPO in 2021.
Clarity Pharmaceuticals is a clinical stage radiopharmaceutical company developing next-generation products to address the growing need for radiopharmaceuticals in oncology. The company is a global leader in Targeted Copper Theranostics (TCT), developed with its proprietary SAR Technology platform. Funding from the capital raising will support ongoing research and development, and the clinical trials of Clarity’s pioneering therapeutic and diagnostic products in Australia and the United States.
A Lander & Rogers deal team of partners David Morris, David Tink and Simon Davidson and lawyers Edison Ponari and Annabelle Gray advised Clarity on all aspects of the raising.
Mr Morris congratulated Clarity on its achievement. “Clarity has been on an impressive growth trajectory in recent years, and we are proud to have supported this Australian biotech success story in its next phase of growth,” said Mr Morris.
Mr Morris noted that Clarity’s successful fundraising is reflective of the strong increase in recent investor activity in the biotechnology sector, with radiopharmaceuticals garnering particular interest.
“Radiopharmaceutical companies have been at the centre of some of the most significant biotech deals over the last 2-3 years,” he said. “Demand for new drugs and diagnostics continues to grow, and companies like Clarity are innovating at a remarkable pace, which is fuelling interest from investors. We anticipate considerable deal activity in this fast-growing and rapidly consolidating sector in the year ahead.”
Lander & Rogers’ corporate team has completed a string of transactions in the healthcare sector in recent months. Deals include:
- acting for France-headquartered life sciences consulting services provider ProductLife Group on its acquisition of Australian company Commercial Eyes Pty Ltd;
- guiding allied health services provider Everyday Independence on its sale to APM Human Services International Limited; and
- advising Prota Therapeutics Pty Ltd on its US$21m debt and equity financing by SPRIM Global investments.
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