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Durham’s Quantum commences AIM dealings

Durham-based drug manufacturer Quantum Pharma Plc has commenced dealings in its ordinary shares on AIM this morning.

Quantum announced its intention to float on AIM, in a deal that saw the company raise £106.1 million with a market capitalisation of £125 million, two weeks ago.

The net proceeds of the Placing will be used by the Group to repay a proportion of the debt within the business; enable it to acquire the remaining shares in Colonis Pharma Limited, the specialist pharmaceutical product development business, that it does not already own; and help accelerate the execution of the Group’s strategy.

Admission will provide Quantum with increased reputation and profile, the ability to incentivise key employees and provide access to the capital markets for further equity funding in the future, should it be required.

Newcastle’s Muckle LLP has advised Quantum since 2009, when the legal firm acted for management on their Lloyds Development Capital backed buyout of the business.

This was followed by a number of strategic acquisitions, which have provided opportunities for product development and market expansion.

More than 40 lawyers from across Muckle LLP, led by corporate partners Andrew Davison and Craig Swinhoe, helped achieve the float on time by working around the clock to prepare and complete the three-month project. This is the region’s largest ever IPO on AIM.

Andrew Davison said: “The idea to float was a recent one, which developed during the summer. Circumstances came together that made an IPO an attractive and realistic prospect.

“Quantum’s management team met informally with key City investors and they received very positive feedback.

Andrew Scaife, Chief Executive Officer of Quantum Pharma Plc, said: “The response from investors has been excellent and we are delighted with the success of our AIM listing and the acquisition of Colonis.

“This was a milestone event for us at Quantum and the Board and entire team joins me in welcoming all of our new shareholders.

“We look forward to implementing our strategy as we move to the next stage of our development as a quoted company.

“Quite simply, we couldn’t have accomplished what we have without relying on the technical excellence of the lawyers at Muckle and their consistent commitment to doing whatever it takes to keep projects moving forward to the agreed timescales.”

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