BACIT to align with Wellcome Trust and Cancer Research UK

BACIT revealed a proposal to align itself with the Wellcome Trust and Cancer Research UK on Monday - two of the United Kingdom’s most prominent life science funders, the board said, to become a leading life science investment company.

The London-listed firm said under the proposal it will acquire Syncona, founded by Wellcome, which owns an existing portfolio of life science investments.

It will also acquire either all or a majority of the interest in the CRT Pioneer Fund currently held by Cancer Research UK, and then place new ordinary shares with Wellcome and Cancer Research UK.

BACIT will then make a placing and open offer of ordinary shares to existing eligible shareholders and other new investors, subject to a cap on the company’s net asset value of £1 billion.

It said it will also recruit the investing team of Syncona.

“We began BACIT in order to boost drug discoveries in the fight against cancer, both as a donor and as an investor and we have enjoyed a special relationship with The Institute of Cancer Research from the outset,” said founder Tom Henderson.

“That aim evolved into our investment, alongside Cancer Research UK, in the CRT Pioneer Fund.

“The same logic has given rise to this transaction, which will create a national champion of life science investing and accelerate the achievement of our aim: to win the battle against cancer and to create great returns for our investors at the same time.”

Also commenting on the proposals, Martin Murphy - CEO of Syncona - said aligning with “premium” charitable life science funders, Wellcome and Cancer Research UK, provides a compelling opportunity to capture significant value from the commercialisation of life science technology while delivering “life changing” outcomes for patients.

“The UK’s world leading position in life science innovation needs the support of an expert, deep pool of long term capital that can support and develop ideas from the laboratory bench through to patient adoption.

“This transaction would see the creation of a UK life science champion, with the scale, capital backing and long-term vision to realise the full commercial potential of this world-class life science base,” Murphy explained.