The firm represented IPF Partners, a fund specializing in alternative financing in the healthcare sector, on a venture bond financing for French clinical stage biopharmaceutical company Adocia.
Willkie recently advised IPF Partners, a fund specializing in alternative financing in the healthcare sector, on the implementation of a venture bond financing for Adocia, a French clinical stage biopharmaceutical company (listed on Euronext Paris) focused on the treatment of diabetes and other metabolic diseases.
With a total principal amount of €15 million, the deal was structured in the form of bonds with attached equity warrants grouped into two tranches of equal amounts, of which the first one of €7.5 million was issued on October 11, 2019 simultaneously with the signing of the finance documentation. The funds raised are intended to finance the development of the company’s activities and, in particular, the launch of clinical studies.
The Willkie deal team was led by special European counsel Igor Kukhta.