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Covington Acts for Piper Jaffray in a £30M Fundraising by Vernalis

February 24, 2010

LONDON, February 24, 2010 — Vernalis plc, the London main market listed pharmaceutical company, announced on 11 February the completion of a fully underwritten placing and open offer raising £30 million before expenses. Vernalis proposes to apply most of the proceeds of the fundraising to regain the right to the royalties from Menarini’s sales of frovatriptan by terminating its royalty financing arrangements with Paul Capital Healthcare. Piper Jaffray Ltd acted as the sole sponsor, broker and underwriter to Vernalis. Covington & Burling LLP advised Piper Jaffray on both the UK and US law elements of the transaction.

Based in London, Piper Jaffray is the market leader in the UK healthcare and life sciences sector. The firm also has specialist teams in the technology, alternative energy and consumer sectors. This is the second time Covington has represented Piper Jaffray in relation to a fundraising by Vernalis, following completion of a placing and open offer raising £24 million before expenses for the company in May 2009.

The Covington corporate team was led by Simon Amies and included associate Brett Hopcroft and trainee Ian Redfearn. All are resident in Covington’s London office.

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