Helpful overview of business and intro to the Seller’s team
• VDR process has suffered from lack of involvement of experienced M&A team and lack of proper in-house legal team
• Key commercial point for CPF will be to decide whether it wants to acquire the ancillary land
• Lack of materiality thresholds and proper lists of key assets and licenses will make the due diligence longer and more difficult
• Making contact with Ms Crum is very helpful and we should look to do further calls with her to expedite the process
• Business is entirely dependent on Mr Sverdlov's government and regulatory contacts – further investigations prudent
• No formal employment/compensation/incentivisation arrangements for the key senior management – this will require a separate
work stream to formalise contracts for the key personal
• Existing target's financing arrangements with related parties are expected to be settled on completion
• Pathogens are used in the target’s laboratories, hence a strategic licence should be in place (to be confirmed during due diligence)