IP Group portfolio business raises $145m in financing round
IP Group
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16:34 26/04/24
Intellectual property business IP Group said on Thursday that portfolio company Apollo Therapeutics had completed a $145.0m financing round.
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IP Group said Apollo, which was set up in late 2015 by the University of Cambridge, University College London and Imperial College London, as well as AstraZeneca, GlaxoSmithKline and Johnson & Johnson, will use the funds to advance its pipeline into development, expand its operations and work on new collaborations.
The FTSE 250-listed firm also highlighted that it retains a minority stake in the new company, acquired as a result of its acquisition of Touchstone Innovations, and still holds an undiluted beneficial holding of approximately 2% in Apollo following the fundraiser - valued at approximately £3.5m.
As of 0905 BST, IP Group shares were down 0.86% at 115.80p.