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(Sharecast News) - Intellectual property-based business investor IP Group said on Wednesday that two of its portfolio companies had been acquired by US-listed firms.
Portfolio company Inivata, a leader in liquid biopsy, will be acquired by Nasdaq-listed NeoGenomics for $390.0m, with IP Group set to receive approximately $91.0m in cash or, potentially, NeoGenomics stock, at the group's election.
IP Group expects the transaction to result in an increase in the net asset value of the company of approximately £28.0m.
Elsewhere, Kuur Therapeutics was acquired by Athenex, a global biopharmaceutical company, for a total potential consideration of $185.0m, with Athenex set to pay $70.0m upfront to Kuur shareholders, former employees and directors, comprised primarily of equity in Athenex common stock.
As a result, IP Group will receive £30.0m in Athenex stock and was also eligible to receive up to a further £52.0m in milestone payments in cash or stock.
As of 0835 BST, IP Group shares were up 0.42% at 125.72p.
16 Sep 2021 16:59
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