UK-based chartered patent attorneys, Cleveland Scott York, have undertaken due diligence into a patent portfolio in what is thought to be Europe’s largest ever fundraising round in the medical devices sector.
The firm undertook due diligence for private equity fund, Zhejiang Silk Road Fund, which is principally sponsored and managed by Zhejiang United Investment Group, China (‘ZUIG’) on the patent aspects of the group’s equity investment in CMR Surgical.
Cambridge-based surgical robotics firm, CMR Surgical, raised $100 million (£75 million) in its Series B funding round from Zhejiang Silk Road Fund as well as existing investors, Escala Capital Investments, LGT, Cambridge Innovation Capital and Watrium.
The Cleveland Scott York team of partner Fraser Brown, senior associate Nick Bennett and associate Hazel Stewart advised ZUIG.
Fraser Brown said: “CMR Surgical’s patent portfolio was clearly crucial to the value of the company in the eyes of the investors.
“Our extensive experience in the engineering and medical devices sector meant that we were ideally placed to conduct the due diligence investigation into the extensive patent portfolio in this deal, which showcases our capability as a firm.”
Cleveland Scott York has offices in the City of London, Hertfordshire, the Thames Valley and Brussels.