Umbra was mandated by Stanley Capital to arrange a bespoke financing facility to facilitate their acquisition of Noden Pharma DAC from its US-listed parent PDL Biopharma. This was the first acquisition by Stanley Capital as part of a thematic buy-and-build in the specialty pharma space, so the focus was on achieving a financing that was flexible and scalable enough to allow for future acquisitions. Alongside their debt advisory work, Umbra also provided Stanley with strategic transaction advice.

Through Umbra's work with the Stanley team, they developed a strong conviction in the investment thesis and so rolled their fees and co-invested in the equity, becoming a significant minority shareholder in the business.

Simon Cottle, Partner at Stanley Capital, said: “The acquisition of Noden is the culmination of years of thematic research into the specialty pharmaceuticals sector, which identified the company as a strong buy and build platform. We look forward to working with Noden’s excellent management team and our industry advisors to build the company into a leading pharma platform, providing essential treatments for patients with unique and difficult to treat conditions.”