Ironshore Pharmaceuticals completes US$200M financing

Ironshore Pharmaceuticals & Development, Inc. (Ironshore), a wholly owned subsidiary of Highland Therapeutics Inc., completed a US$200-million private placement of Senior Secured Notes due 2024. Morgan Stanley & Co. LLC acted as sole placement agent for the transaction.

The proceeds from the financing will fund Ironshore’s evolution from a research and development organization to a fully integrated pharmaceutical company with a world-class Medical Affairs function. The proceeds will also fund pre-commercialization marketing strategies and tactics and commercial launch activities for HLD200, a new drug that manages attention deficit hyperactivity disorder, which is under review and awaiting approval by the US Food and Drug Administration.

Goodmans LLP acted as lead counsel to Ironshore with a team that included Neil Sheehy, Francesca Guolo, David Coll-Black and David Rosenblat (corporate), Mark Surchin (finance), Alan Bowman and Kabir Jamal (tax) and Amalia Berg (IP). Morrison & Foerster LLP represented Ironshore in the US with a team that included Jonathan Melmed (corporate), Bill Veatch and Catherine Hagerty (finance), and Ze’-Ev Eiger (capital markets); and Solomon Harris in the Cayman Islands with a team that included Adam Johnson (finance), Simone Proctor (regulatory) and Kathryn Carter (corporate).

Aird & Berlis LLP represented Morgan Stanley in Canada with a team that included Mat Goldstein, Jeff Merk and Aaron Bains (corporate finance), Aaron Collins and Steve Graff (financial services) and Barb Worndl (tax). Pillsbury Winthrop Shaw Pittman LLP represented Morgan Stanley in the US with a team that included Jeff Delaney, Todd Eckland, Matthew Kane, Eileen Monahan (corporate), Jonathan Whitney, Joseph Galvin, Issac Lee (finance), Harsha Reddy (tax) and John Wetherell and Michelle Mehok (IP); and Walkers in the Cayman Islands with a team that included Rob Jackson and Hugh Anderson (corporate) and Stuart Rowe (real estate).

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