Penningtons Manches LLP has advised Rayner Group, the UK’s only manufacturer of intraocular lenses, on its acquisition of Moorfields Pharmaceuticals from the Moorfields Eye Hospital NHS Foundation Trust.
A long-standing client of Penningtons Manches, Rayner has been operating for over 100 years and has its headquarters in Worthing, West Sussex. With an emphasis on high quality, innovative clinical products, the group designs both intraocular lenses and proprietary injection devices for use in cataract surgery. It currently sells to 70 countries worldwide. Following the acquisition of Moorfields Pharmaceuticals, it aims to establish a specialist ophthalmic pharmaceuticals division, known as Rayner Pharmaceuticals, which will be expanded across Rayner’s direct presence in Europe.
Moorfields Pharmaceuticals was launched as the pharmaceutical manufacturing division of Moorfields Eye Hospital NHS Foundation Trust in 2004 and has developed a portfolio of pioneering eye care solutions for treating common eye conditions as well as rarer diseases. Its employees are now transferring to Rayner but will continue to be based in London.
The multi-disciplinary Penningtons Manches team acting for Rayner on this transaction was led by Guildford corporate partner David Kendall, with cross-office senior level support from Maria Riccio (pensions), Jim Kinnier-Wilson (IP/commercial), Gemma Woodhouse (employment) and Mike Busby (real estate).
Commenting on the acquisition, Rayner CEO Tim Clover said: “Moorfields Pharmaceuticals will enable us to offer an even wider range of ophthalmic tools that aid and streamline the surgical process while remaining focused on the visual outcome for the patient. We are delighted to welcome them to Rayner.”
Cepta Kelly, legal director at Rayner, added: ”Throughout the transaction process, we were able to rely on timely and effective guidance from the Penningtons Manches team and would like to thank them for their support on this important strategic milestone for our business.”