(Alliance News) - IP Group PLC on Thursday said its portfolio company Apollo Therapeutics Fund completed a USD145 million financing to further its pharmaceutical pipeline.
The London-based intellectual property businesses holds a minority stake in Apollo, which was added to its portfolio when it acquired Touchstone Innovations PLC. The recent financing leaves IP Group with an undiluted beneficial holding in Apollo of approximately 2%, currently valued at GBP3.5 million.
Apollo is a biopharmaceutical company founded in 2015 as a joint venture between AstraZeneca PLC, GlaxoSmithKline PLC and Johnson & Johnson, alongside the technology transfer offices of the University of Cambridge, University College London and Imperial College London.
The company said that Apollo will use the financing funds to further its pipeline of therapeutic programmes, based on leading British academic research, and expand its operations. This includes establishing a presence around Boston, Massachusetts, well-known for its higher education institutions.
IP Group noted that the raise was led by Patient Square Capital, which will take a controlling stake in the business. Investors including Rock Springs Capital, Reimagined Ventures and UCL Technology Fund also participated.
IP Group shares were trading down 1.4% at 115.20 pence each in London on Thursday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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