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, ADC was at risk of insolvency and potential administration.
To address these issues, ADC appointed we as lead M&A and restructuring advisers. we's role involved overseeing an accelerated M&A process while managing the company's cash flows and secured lender relationships. The team provided integrated support, with the Corporate Finance team leading the M&A efforts and the Restructuring Advisory team focusing on short-term cash flow management. The process was complicated by the need to engage multiple stakeholders, including four institutional funds, numerous finance houses, and over 20 minority investors, all while navigating the political implications of significant Welsh Government grants and support.
Despite these complexities, 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 ADC while finalizing due diligence and planning for a complete acquisition.