Schroder UK Public Private Trust PLC - formerly Woodford Patient Capital Trust, invests in both listed and private UK companies - Notes portfolio company Immunocore Holdings PLC's pricing of a 9.9 million American Depositary Shares IPO at USD26.00 per ADS, meaning total gross proceeds of about USD258.3 million. Immunocore also raises USD15 million via a private placement at the same time. Imunocore shares to start trading on the Nasdaq Global Select Market on Friday. Immunocore underwriters have 30-day option to put up to a further 1.5 ADSs at the IPO price, minus underwriting discounts and commissions.
IPO proceeds will help advance Immunocore's lead product candidate though completion of a phase 3 trial and commercial launch, as well as funding clinical development for other product candidates.
Schroder UK Public Private Trust's stake in Immunocore, based on the IPO price, amount to approximately GBP15.8 million which is a 23% uplift to its last disclosed GBP12.9 million fair value estimate at September 30.
Tim Creed and Ben Wicks, Schroder UK Public Private Trust's portfolio, say: "The successful IPO further improves the prospect for the company to realise the earn-out of up to GBP5 million it has agreed with Rosetta Capital for the stake the company will sell as part of a basket of seven assets. Also, the listing will further improve the liquidity profile of the company's portfolio as it increases the share of quoted investments. We believe that the company has more investments in its portfolio which have the potential for similarly successful IPOs in the future."
Current stock price: 37.75 pence; up 10% on Friday
Year-to-date change: up 22%
By Anna Farley; annafarley@alliancenews.com
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