Life science valuations20 Dec 2024 07:28
IP Group plc - Two quoted life sciences portfolio companies receive cash offers
- Anticipated further £13.8m of cash proceeds
- Intention to use c.20% of proceeds to further increase share buyback programme
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to note that two quoted companies in its life sciences portfolio have received cash offers.
Intelligent Ultrasound Group plc, in which the Group has a 20.8% holding, received a cash offer from Surgical Science Sweden AB which values the business at approximately £45.2m. As a result, IP Group expects to receive £8.8m of cash for its holding, which would represent an uplift of £4.4m (100%) from the last-reported NAV at 30 June 2024. This will replace the previously anticipated distribution, following the sale of the company's AI business. The Group will provide a further update following completion, which is subject to, among other things, shareholder approval.
In addition, Abliva AB, which discovers and develops medicines for the treatment of mitochondrial disease and in which the Group has a 9.5% stake, received a cash offer from Pharming Technologies BV which values that business at approximately SEK 725.3m (£52.4m*)