The Corporate and Commercial team from leading independent offshore law firm, Cains, has advised global bio-pharmaceutical company Liminal BioSciences Inc., on the sale of its Isle of Man-based subsidiary, Prometic Bioseparations Ltd to KKR & Co., a leading global investment firm, in a deal worth £45 million.

The sale will allow Toronto based Liminal BioSciences Inc. to strengthen its financial position and to focus on its core research and development investment activities.

Lawyers from Cains’ Corporate and Commercial team acted as lead Isle of Man counsel on the sale and supported Liminal BioSciences Inc. throughout all stages of the transaction, including preparing and negotiating the sale and purchase agreement and advising on all sell side aspects.

The team was led by corporate director Scott Leonard-Morgan, with support from director Mike Edwards and trainee George Walmsley. Liminal BioSciences Inc Canadian team was led by Stikeman Elliot.

Scott Leonard Morgan, Director of Cains, said: “We are thrilled to have assisted Liminal BioSciences Inc in the divestment of its Isle of Man-based subsidiary Prometic Bioseparations Ltd. Our team has an exceptional reputation for mergers and acquisitions transactions and to have been selected to advise on such a significant transaction demonstrates the recognition of our strength and expertise.