Schroders Capital Global Innovation Trust Plc
Carmot Therapeutics distribution
Schroders Capital Global Innovation Trust plc (the "Company") is pleased to announce that it has received a $5.6 million (£4.5 million) distribution due to the sale of Carmot Therapeutics Inc. (Carmot), a clinical-stage biotechnology company developing therapeutics for people living with metabolic diseases including obesity and diabetes, to global pharmaceutical company Roche. This distribution represents a fair value uplift of 221% relative to the last published holding value as of 30 September 2023 (£1.4 million) and before accounting for the potential value of future milestone payments.
In May 2023, the Company made a $1.7 million investment into Carmot, via Harbour 25, as part of its $150m Series E funding round to support development of Carmot's broad clinical-stage metabolic pipeline, including two phase 2 trials of CT-388, a once weekly, dual GLP-1/GIP receptor modulator for obese adults with and without type 2 diabetes. In December 2023, the Company announced that Carmot had entered into a definitive agreement to be acquired by Roche at a purchase price of $2.7 billion upfront and the potential for $400 million in future milestone payments.
This will be reflected in the Company's unaudited NAV per share, dated 12 February 2024, published later today.
Enquiries:
Schroder Investment Management Limited
| Shilla Pindoria (Company Secretary) | 0207 658 6000 |
| Augustine Chipungu (Press) | 0207 658 2106 |
| John Spedding (Head of Investment Trusts) | 0207 658 3206 |
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