Reverse Takeover: BSF Enterprise plc
Acquisition of 3D Bio-Tissues via reverse takeover, placing and re-admission to Main Market.
BSF Enterprise plc (BSF) has successfully completed the acquisition of 3D Bio-Tissues Limited (3DBT) (together, forming the Enlarged Group) by way of reverse takeover, placing and re-admission to the Main Market.
BSF announced on 24 December 2021, that it had entered into an agreement to acquire the entire issued share capital of 3DBT (the Acquisition). 3DBT is a biotechnology start-up that has developed a propriety platform that facilitates the production of a variety of animal tissue types for multiple uses, commonly known as 'tissue engineering'.
The Acquisition was satisfied by the issue of 23,744,912 new ordinary shares at an issue price of 7.37 pence per ordinary share, raising gross proceeds of approximately £1.75 million (before expenses). The proceeds of the placing will be used to support the growth of the Enlarged Group, including additional lab space, employing additional professional and technical people, and exploring marketing and sales avenues.
BSF was established with the purpose of acquiring businesses focused on early stage opportunities in the biotechnology, innovative marketing and e-commerce sectors. Following the Acquisition of 3DBT, the principal activity of BSF will be to act as a holding company for early-stage biotechnology businesses specialising in serum-free media, skin care and tissue engineering.
Crowe's role and the team
Crowe acted as reporting accountant on the transaction. Paul Blythe led our Capital Markets team, supported by Conor Monaghan and Ferdia McCarville.
Client quote
“The assistance of the Capital Markets team at Crowe was highly valued in helping us close our successful transaction. They were a pleasure to work with and we appreciated their very commercial and professional approach which allowed the transaction to proceed smoothly.”
Geoff Baker, Non-Executive Director, BSF Enterprise plc
