Herbert Smith Freehills Kramer advises PYC Therapeutics Limited on ~A$653 million capital raise

Herbert Smith Freehills Kramer (HSF Kramer) is proud to have advised PYC Therapeutics Limited (ASX:PYC) (PYC) on its current capital raising to raise up to approximately A$653 million, comprising a placement of A$128 million to leading US specialist life sciences investors and an accelerated non-renounceable entitlement offer of up to A$525 million.

Upon successful completion of the capital raising, PYC will be funded into CY2030 with clinical trial progress and important near-term human efficacy data expected in all four of its drug development programs.

The HSF Kramer team was led by partner Tim McEwen, who was supported by senior associate Jessica Voong and solicitors Shamana Rofaeel and Stewart Stevenson. 

Tim McEwen said, “We are very pleased to have assisted PYC on this important capital raising to help the company achieve its strategic goals. We have thoroughly enjoyed working with the PYC team and PYC’s other advisers to achieve a successful outcome.”

This capital raising is the latest example of HSF Kramer’s market-leading work in Australian equity capital markets. Other recent examples include advising: 

• 29Metals Limited on its A$150 million capital raise, conducted by way of a fully underwritten, accelerated pro rata non-renounceable entitlement offer;
• Australian Unity Limited on its A$160 million wholesale placement and A49.8 million pro rata non-renounceable entitlement offer of ASX listed mutual capital instruments;
• Light & Wonder on its transition to a sole standard listing on the ASX with a market capitalisation in excess of AUD$10.5 billion;
• GemLife Communities Group on its A$750 million IPO in 2025;
• MA Financial Group Limited (ASX:MAF) on the successful ASX listing and A$330m IPO of the MA Credit Income Trust in 2025;
• MA Credit Income Trust (MA1) in relation to its ~$50m placement to wholesale clients;
• J.P. Morgan and UBS as Joint Lead Managers to Xero Limited’s placement and share purchase plan to raise up to ~A$2.05 billion; and
• Elevra Lithium limited on its A$69 million placement to Resource Capital Fund VIII L.P. as part of its merger with Piedmont Lithium