Professional Services
FRP Advisory
Full Credential Description
ADC, a specialist contract research organization (CRO) focused on antibody drug conjugates for cancer treatment, faced significant challenges after failing to secure its manufacturing license from the Medicines and Healthcare products Regulatory Agency (MHRA). Established in 2010 and based in Deeside, ADC had raised over £17 million from more than 20 angel investors and various venture capital trusts. However, with investors reluctant to provide additional funding and the company depleting its cash reserves, there was a genuine risk of insolvency and administration.
To address these issues, ADC appointed we as lead M&A and restructuring advisers. we's role involved providing short-term cashflow management advice, ongoing strategic guidance to the board, and overseeing an accelerated M&A process. The transaction was conducted virtually due to COVID-19 restrictions and required managing multiple stakeholders, including four institutional funds, numerous finance houses, and over 20 minority investors. Additionally, the involvement of the Welsh Government, which had provided significant grants and support, added a layer of political complexity to the situation.
Despite these challenges, we successfully completed the accelerated M&A process in just nine weeks. The outcome was a standout offer from an established contract development and manufacturing organization, which not only ensured the continuation of ADC but also committed significant future capital and resources to secure the MHRA manufacturing license and facilitate business growth. The deal was structured in two phases, allowing the buyer to invest new equity to stabilize the business while finalizing due diligence and planning for a complete acquisition.