Tax break firm leads biotech funding deal

Caitlin Morrison
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LONDON digital agency Random42 has received funding from Vespa Capital in a deal overseen by media and technology specialist Ingenious Corporate Finance.

Random42, which is focused on the global pharmaceutical and biotech sectors, is hoping to accelerate growth in international markets with the investment. Ben Ramsbottom, the agency’s chief executive, said Ingenious was “instrumental” in putting together the deal.

David Brooks and Graham Smith from Ingenious led the transaction.

The adviser is in the middle of a legal battle as HMRC attempts to prove that Ingenious was designed deliberately for tax avoidance. The firm saved £26m through tax breaks aimed at boosting investment in the UK film industry.

Over the past few months, several celebrities have been named as having received tax breaks through their involvement with Ingenious.

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