Gleiss Lutz advises Maruho on securities lending and capital increase for NASDAQ listing of Biofrontera AG
As part of a securities loan Maruho Deutschland GmbH, a wholly-owned subsidiary of Japanese Maruho Co. Ltd., has provided six million of its shares in Biofrontera AG to serve as collateral for American Depositary Shares and enable trading of these shares on the NASDAQ. Return of the borrowed shares took place by way of delivery of new shares issued as part of a rights offering at Biofrontera AG. In 2016 and 2017, Maruho increased its stake in Biofrontera AG from almost 15% to over 20% of the share capital. The US listing improves Biofrontera's access to American investors, which is to contribute to the company's further growth.
Listed since 2006 and on the Prime Standard of the Frankfurt Stock Exchange since 2013, Biofrontera AG, Leverkusen, specialises in the development of new drugs and medical cosmetics for the care and treatment of skin diseases. It has a staff of around 90 and generated group sales of some six million euros in the 2016 financial year.
Maruho, Osaka, is the largest Japanese pharmaceutical company specialising in the development, production and sale of prescription dermatological drugs. Maruho has held a share in Biofrontera since 2013 as part of a long-term strategic investment. Gleiss Lutz already advised Maruho on the purchase of its original stake in Biofrontera and on earlier capital measures.
The Gleiss Lutz team working on behalf of Maruho consisted of: Martin Hitzer (lead, partner, corporate and capital markets, Düsseldorf), Dr. Stephan Aubel (partner, corporate and capital markets, Frankfurt), Dr. Michael Burian (partner, corporate and M&A, Stuttgart), Dr. Michael Marquardt (partner, tax, Frankfurt), Dr. Hilmar Hütten (corporate and capital markets, Düsseldorf), Jan-Rasmus Roßkamp (corporate and capital markets) and Christian Heinrichs (tax, both Frankfurt).