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Transaction Reports Broron Oil & Gas AfricInvest II Completes Broron Oil & Gas Investment
AfricInvest Group, a leading private equity firm in sub-Saharan Africa, has completed an investment of US$20 million in Broron Oil & Gas Limited (“Broron” or “the Company”) through its Pan-African Fund Africinvest II LLC.
Broron is an indigenous offshore oil and gas services company which provides offshore support services to IOCs, Independents and indigenous upstream companies in Nigeria and Gulf of Guinea. The Company commenced operations in 2007. The Company currently has running offshore services contracts with Exxon Mobil, Total Upstream and Addax Petroleum. The Company currently owns and operates 2 Dynamic Positioning (“DP”) II Offshore Support Vessels (“OSVs”) with active heave compensated crane.
Broron equity injection in order to part-finance the acquisition of additional OSVs and also acquire ancillary equipment to meet current and anticipated contracts with IOCs and independents.
Africinvest Fund II LLC’s investment in Broron will provide the Company with additional debt headroom for the required expansion capital and enable the Company to position itself to maximize the opportunity presented by Nigeria’s Local Content Act.
FBN Capital Limited (“FBN Capital”) provided advisory, structuring and equity raising services to Broron Oil & Gas. The transaction was led by Afolabi Olorode and Alex Osho who both have extensive oil & gas advisory and financing (debt and equity) transaction experience involving private equity investments.
FBN Capital is the investment banking and asset management subsidiary of FBN Holdings Plc, one of the strongest and most dependable financial groups in Africa. FBN Capital arranges finance, provides advice, administers assets, manages funds, sells investment products and invests alongside clients through five key divisions: Investment Banking, Markets, Trust and Agency Services, Asset Management and Alternative Investments.
AfricInvest II Completes Broron
Oil & Gas Investment Financial Advisor: Legal Advisor to AfricInvest:
Legal Advisor to Broron Oil & Gas:
Cadila Pharmaceuticals Helperby Therapeutics in Licence Agreement with Cadila Pharmaceuticals
As part of a major collaboration in the fight against antibiotic resistance following the discovery of patented ‘resistance breaker’ compounds, Helperby Therapeutics has announced its first licensing deal with the major Indian Pharma company, Cadila Pharmaceuticals, which will take the lead compound, HT61, through further clinical trials, approvals and into commercialisation. Helperby will supply Cadila with Antibiotic Resistance Breakers whilst Cadila will develop the combinations
with old
antibiotics. The agreement was signed at the British High Commission in Delhi; the deal value was undisclosed.
Helperby’s creator and Chief Scientific Officer Professor Anthony Coates said: “This exciting and timely partnership with Cadila offers us all hope. A future without antibiotics is unthinkable but it could
happen - imagine a time when a cut finger could leave you fighting for your life. The emergence and spread of drug-resistant pathogens has accelerated whilst the pipeline for new antimicrobial drugs has all but run dry.”
Cadila Pharmaceuticals is one of the largest privately held pharmaceutical companies in India and was the first Indian company to receive Investigational New Drug approval by the USA’s stringent Food and Drug Administration. It is now actively considering a presence in the UK with a corresponding programme for UK microbiologists as part of the collaboration.
Cadila’s Chairman and Managing Director Dr. Rajiv I Modi said “Cadila Pharmaceutical’s collaboration with Helperby can help mankind win the battle against the microbes and hopefully save millions of lives in coming years.”
Helperby Therapeutics licensing deal with Cadila Pharmaceuticals
Legal advisor to Helperby Therapeutics: