(Alliance News) - Schroder UK Public Private Trust PLC has sold its stake in portfolio companies Kuur Therapeutics and Inivata Limited in two separate deals, it announced on Wednesday.
Liquid biopsy specialist Inivata Ltd was purchased by Florida-based NeoGenomics Inc for a total of USD415 million, with Schroder UK expected to receive approximately USD38.6 million for its stake in the Cambridge-based firm.
Kuur Therapeutics Ltd meanwhile, was acquired by Nasdaq-listed Athenex Inc for up to USD185 million, made up of a USD70 million upfront payment to Kuur shareholders and former employees and an additional USD115 million of milestone payments, in either cash or additional Athenex stock.
As part of the deal Schroder UK will receive USD8.3 million in Athenex stock and is eligible to receive up to a further USD14.6 million in cash or stock over several years.
London-based Schroder UK Public Private Trust, was previously called the Woodford Patient Capital Trust, but changed its name after fund manager Neil Woodford left and the FTSE 100-listed asset manager Schroders took charge in 2019.
In separate news, Schroder announced that it expects an uplift in net asset value by approximately GBP22 million to the Oxford Nanopore Technologies Ltd fundraise, which originally raised GBP195 million in new capital. The GBP22 million represents an increase of 6.9% to the NAV as at December 31, 2020.
Its shares were up 11% to 34.41 pence in London on Wednesday afternoon.
By Will Paige; willpaige@alliancenews.com
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