A Question of Construction: Strand Hanson v Conduit Pharmaceuticals

Rosenblatt Law, the litigation, corporate law, and international arbitration specialists, today highlight that on 16 December 2025, the High Court handed down judgment in the matter of Strand Hanson Limited (Strand Hanson), the leading independent merchant bank, versus Taamja Limited (formerly Conduit Pharmaceuticals Limited) (Conduit), the pharmaceuticals business founded by CEO, Dr Andrew Regan. Conduit sought permission to appeal the judgment which was refused by the Court of Appeal on 11 January 2026.

In a comprehensive victory for Rosenblatt Law’s client Strand Hanson, Mr Justice Adam Johnson awarded Strand Hanson the sum of US$7 million plus interest and costs.

In July 2022, Strand Hanson entered into an agreement with Conduit to assist Conduit achieve its aim of listing on the US-NASDAQ (Agreement). The terms of the Agreement provided Strand Hanson with a US$2 million advisory fee plus 10% of shares in such company as ultimately listed, if that listing took place within the period of time allowed by the Agreement and the transaction was as contemplated or achieved by an equivalent transaction.

Despite a listing being achieved, Conduit alleged that the transaction that led to the listing fell outside of the terms of the Agreement.

Mr Justice Adam Johnson had to consider questions of contractual construction and was of the view that the key contractual terms were clear: the listing of Conduit had taken place within the parameters of the Agreement, and so Strand Hanson was due the contractually agreed sums. In addition to the US$2m advisory fee, this included damages for the shares amounting to US$5m (plus interest and certain costs incurred by Strand Hanson).

Ian Bean, partner at Rosenblatt Law commented, “The Rosenblatt Law team is proud to have secured a just outcome for the excellent Strand Hanson team. As litigation specialists we take a clear-eyed, commercial approach - any dispute that goes to trial is inevitably hard-fought, and this claim was no different."

The Rosenblatt Law team was led by partner, Ian Bean, alongside Legal Director, Nick Leigh, Associate, Emma Booth and Trainee Solicitor, Josh Field. Rosenblatt Law instructed Sebastian Isaac KC of One Essex Court and Timothy Lau of Blackstone Chambers.