Advising Shield Therapeutics on securing $26 million debt and equity fundraising

We have advised Shield Therapeutics plc, an AIM-listed commercial stage specialty pharmaceutical company, on securing a $20 million senior secured debt facility from SWK Financing, a life science-focused finance company, and a $6.1 million equity fundraising. 

Shield Therapeutics is a commercial stage specialty pharmaceutical company with a focus on addressing iron deficiency with its lead product Accrufer® (known as Feraccru® outside of the US), which is a novel oral therapy for adults with iron deficiency, with or without anaemia.  

The net proceeds from the equity fundraising and debt facility will be used to further invest in US commercial activities and provide additional working capital for the build-up of inventories and receivables, as well as to refinance existing debt. The equity fundraising was undertaken by way of a placing to institutional investors and a separate retail offer using the REX platform. 

This financing follows the exclusive, multi-year collaboration agreement with Viatris and an extended convertible debt facility with AOP Health International Management announced in 2022 where we also advised Shield and for which we were awarded Life Sciences Team of the Year at the Legal Business Awards 2023. In addition, Shield is shortlisted for the Viatris/AOP deal for AIM Transaction of the Year at the 2023 AIM Awards. 

The team was led by corporate partner Andrew Edge. Further support was provided by senior associate Samuel Curme, associate Victoria Smaill, trainee Megan Eaton, and paralegal Jamie Mehta in the Corporate Finance team, and partner Fiona Coady, senior associates Kate Bowden and Katie Horbury, associates Alexander Swayne and Zenia Kumar, and trainee Evie Mason in the Banking and Finance team.