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Schiff Hardin advised The Benchmark Company as managing underwriter in Biofrontera AG’s initial public offering of 1.2 million American depositary shares (ADSs), raising $12 million, and the Nasdaq listing of Biofrontera’s ADSs. The shareholders of the dermatology-focused biotechnology company have pre-emptive rights under German law and Biofrontera’s shares already traded on the Frankfurt Stock Exchange, making this a very complex transaction. The transaction involved side-by-side U.S. and German pre-emptive rights offerings.