IP Group portfolio business acquired by Centessa
IP Group
49.00p
12:09 26/04/24
Business development outfit IP Group said on Wednesday that portfolio company ApcinteX had been acquired by Centessa Pharmaceuticals following a $250.0m financing round.
Financial Services
13,992.32
12:14 26/04/24
FTSE 250
19,815.10
12:15 26/04/24
FTSE 350
4,460.23
12:15 26/04/24
FTSE All-Share
4,413.64
12:15 26/04/24
IP Group said its resulting minority stake in Centessa was valued at £19.0m, representing a fair value gain of £11.0m ApcinteX's holding value on 30 June 2020.
In conjunction with the launch, Centessa completed the merger of ten private biotech companies, including ApcinteX, all of which will continue to develop their assets with oversight from Centessa's management team.
Centessa also noted that its asset-centric model was intended to advance a portfolio of highly validated programs, having assembled "best-in-class or first-in-class assets", each of which would be headed up by specialised teams committed to accelerating development and intend to "reshape the traditional drug development process".
As of 0825 GMT, IP Group shares were down 0.48% at 114.45p.