Leading global law firm Baker McKenzie acted as legal adviser to Italian-headquartered specialty pharmaceutical company Cassiopea SpA in its recently completed rights offering. 750,000 new registered shares, corresponding to 7.5% of Cassiopea’s share capital before the rights offering, were offered to existing shareholders at an offer price of EUR 31 per share. By the end of the subscription period on 17 June 2020, the offer was fully subscribed by the shareholders.

31.8% of the offering, or 238,674 shares, were subscribed for by existing shareholders. Meanwhile, 45.1% of the offering, or 338,172 shares, were subscribed for by Cassiopea’s major shareholder, Cosmo Pharmaceuticals N.V. The remaining 23.1% of the offering, or 173,154 shares, have been subscribed for by Cosmo Pharmaceuticals and other shareholders in the process of the subscription of shares for which other shareholders have not exercised their rights.

As a publicly-listed company on the SIX Swiss Exchange, Cassiopea develops and prepares to commercialize prescription drugs with novel mechanisms of action (MOA) to address long-standing and essential dermatological conditions.

Following the capital increase, the nominal value of the issued share capital of Cassiopea amounts to EUR 10,750,000, divided into 10,750,000 registered shares with a nominal value of EUR 1 each.

Baker McKenzie advised Cassiopea SpA on all legal aspects of the capital increase. The team included Dr. Matthias Courvoisier, Ludovico Rusconi (Milan), Beau Visser, Vinzenz Sutter and Ladislas von Sury d'Aspremont. 
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