National law firm Shoosmiths has advised Spicer Consulting Limited in relation to the spin-off of Algenuity Limited, its algal biology and biotechnology business.
The algal strain Chlorella vulgaris has been present on Earth since the Precambrian period 4.6 million years ago and although widely consumed as a dietary supplement, its use as an ingredient has been limited because of the strong colour, taste and smell associated with its high chlorophyll content.
Algenuity has developed novel chlorophyll-deficient strains of Chlorella vulgaris under their Chlorella colours® brand. These ingredients are protein-rich, neutral flavour, micronutrient and fibre-rich, and contain natural pigments, as well as being non-GM, clean-label, vegan and free-from, satisfying many of the growing mega-trends in the food ingredients market.
Shoosmiths had also advised Algenuity Limited in the negotiation of a joint development agreement with Unilever in order to develop and market foods using novel plant-based food ingredients based on Algenuity’s Chlorella vulgaris platform.
Corporate partner and Sector Head of Technology James Klein and Principal Associate Adam Meisels advised Spicer Consulting and Algenuity on the spin-off transaction.
Andrew Spicer, CEO, Algenuity, stated:
“It’s been fantastic working with the Shoosmiths corporate team on multiple levels related to the spin-off and joint development agreement with Unilever Food and Refreshments in order to realise these substantial business milestones for Algenuity. From its inception as an R&D idea within Spicer Consulting Limited, the vision was always to spin-off an impactful UK biotechnology company. That vision is now becoming a very tangible reality.”