(Alliance News) - IP Group PLC on Wednesday said investee Enterprise Therapeutics Ltd's novel TMEM16A potentiator portfolio program for treatment of cystic fibrosis and respiratory diseases has been acquired by Swiss pharmaceutical company Roche Holding AG.
The portfolio will be developed by Genentech Inc, a member of the Roche Group.
FTSE 250-listed intellectual property development firm IP Group stated that in connection with the transaction, Enterprise received an upfront payment of GBP75 million, adding that the company is eligible to receive additional contingent payments, to be made based on the achievement of certain predetermined milestones.
IP Group highlighted that as a result of this acquisition, its cash realisations for the year to date now total GBP183.9 million, significantly higher than the GBP79.5 million recorded for the whole of 2019.
Following completion, IP Group has an undiluted beneficial shareholding of 22% in Enterprise. At June 30, its stake in Enterprise was valued at GBP9.0 million.
Shares in IP Group were trading 0.4% higher at 79.70 pence each on Wednesday morning in London while Roche shares were trading 0.1% higher at CHF318.20 in Zurich.
By Ife Taiwo; email@example.com
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