Simmons & Simmons has acted on another acquisition and placing within the life sciences sector, building upon its reputation in the industry.

Union MedTech plc, a company seeking investment opportunities in the medical technology sector and previously quoted on ISDX, was admitted to the AIM market of the London Stock Exchange with a market capitalisation of £25.7 million. Concurrently with its admission to AIM, Union MedTech plc completed the acquisition of New Zealand based REX Bionics Limited, the developer and manufacturer of REX, a hands-free robotic exoskeleton made of mechanical legs linked by a strong hip girdle that enables a wheelchair user to stand up and walk.

The placing, conducted by Oriel Securities, raised £10 million (gross). The funds raised will be used to fund the commercialisation and development acquisition of REX.

Shares in Union MedTech plc started trading on 08 May 2014, when the Company was renamed Rex Bionics plc.

The Simmons & Simmons team was led by Charles Mayo assisted by Matt Rogers, Sally Booth and Joanna Amess in the Corporate team, and included Ian Fraser and Richard Pilsworth from the Employee Benefits team and Michael Gavey and Lydia Torne from the Regulatory/Intellectual Property team, all from the London office.

Union Medtech plc was also advised by Sherrards LLP and as to New Zealand law by Simpson Grierson.

Commenting on the transaction, Charles Mayo said: "It's a strong endorsement of life sciences technology developed in New Zealand. The transaction combines both an acquisition and an IPO across the world's time zones to bring a life sciences device to market and which I hope can help appreciably with rehabilitation of those wheelchair users who have access to it."

Jeremy Curnock Cook, CEO of Union MedTech plc said "We really appreciated the high quality legal and commercial advice from Charles Mayo and the S&S team. An acquisition combined with an IPO was never going to be an easy transaction, but, with their life sciences sector knowledge and quality of service, Charles Mayo and the S&S team made us feel that we were always in good hands and that the project was under control and helped greatly to deliver the transaction."

The UMT IPO is the third of recent life sciences IPOs in which Charles Mayo has been involved, following transactions for NetScientific and Venture Life. Corporate partner Colin Bole recently acted for the syndicate of underwriting banks on the life sciences IPO of Circassia, the largest biotech IPO on the Main Market for two decades.