Portfolio company Apollo Therapeutics raises $145m
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FOR RELEASE ON |
17 June 2021 |
IP Group plc - Portfolio company Apollo Therapeutics raises $145m
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, notes that Apollo Therapeutics ("Apollo" or "the Company"), an IP Group portfolio company rapidly advancing potentially transformative treatments based on breakthrough discoveries, has completed a $145 million (£103 million*) financing.
Apollo, which was set up by three world-leading UK universities and three global pharmaceutical and healthcare companies, will use the funds to advance its pipeline into development, expand its operations including the establishment of a presence in the Boston, MA area and on new collaborations globally.
Apollo was originally established in late 2015 as a unique joint venture of AstraZeneca, GlaxoSmithKline (GSK) and Johnson & Johnson, and the technology transfer offices of three leading academic institutions - University of Cambridge, University College London and Imperial College London. IP Group retains a minority stake in the new company, acquired as a result of its acquisition of Touchstone Innovations.
Following completion of the financing, IP Group has an undiluted beneficial holding in Apollo of approximately 2%, valued at £3.5 million.
The financing was led by Patient Square Capital, which will take a controlling position in the business, with participation from additional investors including Rock Springs Capital, Reimagined Ventures and UCL Technology Fund.
*GBP equivalents calculated using 1.41 USD/GBP.
For more information, please contact:
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IP Group plc |
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Greg Smith, Chief Financial Officer |
+44 (0) 20 7444 0050 |
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Charlotte Street Partners |
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David Gaffney |
+44 (0) 7854 609998 |
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Andrew Wilson |
+44 (0) 7810 636995 |
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.
For more information, please visit our website at www.ipgroupplc.com .
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