Deal round-up 18/03/02

Penta Capital backs Cellstructures expansion

Cellstructures International, the Reading-based mobile telecom mast operator and outsourcing company, has announced the acquisition of Ambury Investments from AWG plc, the parent company of Anglian Water.

Cellstructures, which is paying £20m for AWG’s estates management unit, will take over the management and revenue of 500 existing leases with telecom operators.

The deal was arranged for Cellstructures by Penta Capital, an independent private equity firm that has a minority stake in the group, supported by Bank of Scotland's TMT team, management and existing shareholders. AWG was advised by Close Brothers.

US firms back pharmaceutical acquisition

PowderJect Pharmaceuticals, the UK-listed vaccine company, has announced that it has entered into a definitive agreement to sell its drugs business to the US pain management company, AlgoRx Pharmaceuticals for a $10m equity stake and royalties on future sales of the PowderJect drugs included in the transaction.

Under the terms of the agreement, AlgoRx's backers, the US venture capital companies InterWest Partners and JPMorgan Partners as well as Sofinnova Ventures of France, have committed to invest a further $25m in the company over the coming months.

On completion of the investment round, PowderJect will retain a 15 per cent equity stake in the enlarged company, which will be re-named AlgoRx Pharmaceuticals.