Deutsche Numis is acting as financial adviser, nominated adviser and corporate broker to Alliance Pharma PLC on its recommended acquisition by DBAY

We are pleased to be acting as financial adviser, nominated adviser and corporate broker to Alliance Pharma PLC on its recommended acquisition by Aegros Bidco Limited, a newly formed company owned by funds managed by DBAY Advisors Ltd and the ERES IV Fund, for the entire issued, and to be issued, ordinary share capital of Alliance. We have been financial adviser and corporate broker to Alliance for over 20 years, supporting the company’s growth through a successful buy-and-build strategy.

Alliance, an international consumer healthcare business, received five unsolicited proposals from DBAY, with the offer price representing a 20% increase on the initial unsolicited proposal. The cash offer values the entire issued, and to be issued, ordinary share capital of Alliance at approximately £350m on a fully diluted basis. As an alternative to the cash offer, eligible Alliance shareholders may elect to participate in an unlisted share alternative by exchanging some or all of their Alliance shares for rollover loan notes issued by Aegros Bidco. The acquisition value represents a 41% premium to Alliance’s closing price of 44.4p on 9 January 2025.

DBAY is an asset management company based and regulated on the Isle of Man. DBAY currently holds 28% of the voting rights of Alliance. ERES IV Fund is an alternative investment fund that typically invests in medium-sized companies in Europe and North America.

This is the 34th public M&A transaction (with an equity value of £200m+) we have advised on since 2022. 

This marks Deutsche Numis’ first M&A transaction of 2025 ahead of what we expect to be another strong year for public M&A. This transaction further enhances our market-leading defence credentials, having been the number 1 defence adviser to mid and large-cap UK PLCs by volume in 2022, 2023 and 2024.Stuart Ord. Co-Head of M&A, Deutsche Numis

Alliance is a very long-standing client, with Deutsche Numis acting as financial adviser and broker for over 20 years. We are pleased to have supported Alliance’s growth through a successful buy-and-build strategy and now to advise them on a significant value realisation event for its shareholders.Freddie Barnfield. Head of Healthcare, Investment Banking, Deutsche Numis