MinterEllison advises BARD1 on merger with Sienna Cancer Diagnostics Ltd

1 minute read  22.04.2020

MinterEllison advised BARD1 Life Sciences Limited (BARD1) on its proposed all scrip merger with Sienna Cancer Diagnostics Limited (Sienna) with BARD1 financial advisers Kidder Williams Limited.

MinterEllison advised BARD1 Life Sciences Limited (BARD1) on its proposed all scrip merger with Sienna Cancer Diagnostics Limited (Sienna) with BARD1 financial advisers Kidder Williams Limited.

BARD1 has entered into a merger implementation agreement with Sienna under which BARD1 will acquire 100% of the issued share capital in Sienna under a scheme of arrangement which values Sienna at A$23.7M. Sienna shareholders will receive 13 BARD1 shares for every 5 Sienna shares.

Bart Oude-Vrielink (Partner) and Sudharshan Senathirajah (Special Counsel) said of the deal: "We are very pleased to have assisted BARD1 in conjunction with its financial advisers, Kidder Williams Limited on BARD1's proposed merger with Sienna, a complementary cancer diagnostics business, through a scheme of arrangement involving all scrip consideration in a COVID-19 environment with significant market volatility affecting both listed companies."

MinterEllison provided BARD1 with legal advice on all aspects of the transaction, including the approach, structuring, due diligence, potential FIRB issues and negotiation of the merger implementation agreement.

The deal is unique in that it combines 3 innovative platform technologies which can be leveraged to develop in-house and partnered diagnostic and therapeutic products with the potential to generate new product and licensing revenues. The transaction provides the ability to realise synergies from these complementary businesses through operational efficiencies, shared expertise, equipment, facilities, staff and administration.

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https://www.minterellison.com/articles/bard1-life-sciences-limited-merger-with-sienna-cancer-diagnostics-ltd

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