Hill Dickinson advises BGF on its successful exit and reinvestment in clinical trials business Panthera

Law firm Hill Dickinson has advised BGF, the UK’s most active equity investor, on the successful exit of its investment in Panthera Biopartners, a leading UK site management organisation (SMO) for clinical trials. Panthera Biopartners has received a majority investment from mid-market private equity firm LDC. As part of the transaction, BGF has reinvested and will continue to support the business as a minority shareholder, alongside LDC.

Preston-headquartered Panthera was established by co-founders Dr Ian Smith and Professor John Lyon, specialising in the recruitment of patients and running of Phase II and Phase III clinical trials. Its services include trial planning, data collection and patient retention.

BGF and private equity investor Gresham House Ventures both invested in Panthera in 2022, since when business revenue is reported to have increased by ‘more than 200%’.

Jill Williams, partner at BGF, commented: “We’re proud to have supported Panthera through an exceptional period of growth, backing a highly capable team, in a growing and strategically important segment of the healthcare market.”

“Since our initial investment in 2022, the business has expanded its UK footprint, entered new therapeutic areas, and enhanced its operational delivery through digital innovation. Panthera has developed into a market-leading SMO with a differentiated model. We’re excited to reinvest and continue our partnership, alongside LDC, as the company enters its next phase of growth.”

Hill Dickinson corporate partner David Mkhitarian and legal director James Redshaw led on the provision of legal advice to BGF.

James Redshaw said: “We’re pleased to have advised BGF on its successful exit and reinvestment in Panthera as a minority stakeholder alongside LDC, which is a testament to the strength of Panthera’s business and the confidence in its continued growth going forward.”