Schroders Capital Global Innovation Trust PLC - London-based investment trust focused on a portfolio of ‘highly innovative’ companies - Receives a $5.6 million payment from Basel, Switzerland-based pharmaceutical firm, Roche Holding AG, in relation to the sale of its portfolio company Carmot Therapeutics Inc. Carmot is a Berkley, California-based biotechnology company currently focused on developing treatments for obesity and diabetes. In December, Carmot entered into an agreement to be acquired by Roche for a $2.7 billion purchase price, alongside up to $400 million in milestone payments. Schroders says that the $5.6 million distribution represents a 221% fair value uplift relative to the value of its holding in Carmot of £1.4 million in September.
In May, Schroders made a $1.7 million investment into Carmot as part of its $150 million ‘Series E’ financing round, to support the development of Carmot’s clinical-stage metabolic pipeline. This included phase 2 trials of its CT-388 injectable peptide, which modulates receptors of the GLP-1 and GIP incretin hormones that stimulate insulin secretion. In December, Schroders said that it was ‘delighted’ by the sale to Roche, which reflects ‘the unique nature of Carmot’s pipeline’.
Current stock price: Up 1.3% at 12.71 pence per share in London on Tuesday morning.
12-month change: down 13%
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