Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Begbies Traynor in US tie-up
Insolvency specialist Begbies Traynor is forming a joint venture with Chicago-based Mesirow Financial Consulting.
Headquartered in Manchester and quoted on AIM, Begbies says the new venture, to be called BTG Mesirow Financial Consulting, will become ‘one of the largest insolvency and restructuring practitioners in the world’. The joint venture intends to offer ‘a broad range of industry knowledge and large case experience’ to underperforming and distressed companies, while combining a global network of professionals for multi-national assignments with understanding of the particularities of specific markets and regulatory regimes.
Begbies boss Ric Traynor argues the joint venture will give the company ‘an excellent opportunity to raise our profile in the commercially important US market’. Mesirow president Ralph S Tuliano stresses ‘advising clients every day in multiple geographies has become increasingly important’.
Last highlighted by Growth Company Investor in July at 95.75p, shares in Begbies Traynor, which increased pre-tax profits 40 per cent to £9.8 million in its last financial year, now trade at 108p, valuing the company at £96.5 million.
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