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Frontier IP Group PLC - London-based intellectual property commercialisation company - Portfolio company Exscientia PLC prices US initial public offering at USD22 per American depositary share.
Exscientia, an AI drug discovery firm, will offer 13.9 million ADSs, raising about USD304.7 million gross. It has sold an additional 7.3 million ADSs in a private placing to SVF II Excel LLC, owned by Softbank Group Corp, and the Bill & Melinda Gates Foundation, for USD106.0 million.
Frontier IP's stake in Exscientia is valued at USD34.4 million based on the USD22 per ADS price. Each ADS represents one share.
Current stock price: 114.40 pence
Year-to-date change: up 73%
By Paul McGowan; paulmcgowan@alliancenews.com
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