28 August, 2015
Baker & McKenzie has advised Australian biotechnology company Benitec Biopharma Limited (ASX: BLT) on its US$13.8 million initial public offer in the United States with a listing on the NASDAQ Capital Market (NASDAQ: BNTC). Benitec completed its US initial public offer on 21 August 2015.
Benitec is commercialising a CSIRO-developed and patented gene silencing technology called DNA directed RNA interference (ddRNAi). ddRNAi has the potential to cure a wide range of life-threatening human conditions and Benitec is developing treatments for hepatitis C and B, drug resistant lung cancer and wet age-related macular degeneration.
Sydney-based US Corporate Partner Andrew Reilly led the transaction with support of Kate Renaud, Guy Sanderson, Amrit MacIntrye and Serena Chow in Australia and Marc Paul, Guy Birkenmeier, Nathaniel Douglas, Elizabeth Graffeo and Robert Grauman in the United States.
Speaking about the transaction, Mr Reilly commented, "This transaction represents only the third initial public offer by an Australian company in the United States with a listing on NASDAQ in the past 20 years. It demonstrates our one-stop shop capability to support our clients. We were able to provide the necessary US and Australian law advice to our client to complete the IPO in an effective and seamless manner."
"This is one of a number of transactions into the United States we have advised on where Australian life sciences companies have sought higher valuations and access to capital."
Ben McLaughlin, Head of Baker & McKenzie's Asia Pacific Healthcare practice commented, "Baker & McKenzie is the sole legal firm ranked in Band 1 by Chambers for life sciences in Asia Pacific. This important transaction underscores the importance we place on the healthcare industries."
