LAW firm Ward Hadaway advised fast-growing Tyneside pharmaceutical company Aesica Pharmaceuticals on a deal to secure further investment to fuel its ambitious expansion plans.

Aesica completed a deal last week which saw European private equity firm Silverfleet Capital buy out the investment in the company from private equity firm LDC which backed its launch in a buy-out from BASF in 2004.

The company said that the new investment will help it to see its turnover rise from around £90m last year to about £115m this year as it continues its global growth with further expansion in Asia and the US.

The deal saw the realisation of the LDC investment which provided management with financial and strategic support. This focused on enhancing the Aesica manufacturing capabilities, developing new service lines, adding new products to its portfolio and increasing its presence in major international growth markets.

The transaction also saw members of Aesica’s executive team reinvest a significant amount of money for a large minority stake in the business.

Mike Spetch, partner in the corporate finance department at Ward Hadaway, led the firm’s team on the deal. Experts from the Newcastle-based law firm’s property team also worked on the transaction.

Spetch said: “We are delighted to have helped Aesica on this important transaction. This is a significant move for the company which will help to continue its expansion into new markets.

“Since this transaction involved a number of different elements which needed to occur at the same time, it was vital that a strict timetable was kept to.

“Being able to call on a large team of experts in their individual teams at Ward Hadaway ensured we were able to progress the transaction smoothly and have everyone all working towards the same goal.”