Life sciences tool-maker Abzena is the latest of its companies to target growing sentiment for healthcare. It raised £20 million and shares will start trading on AIM this Thursday (10 Jul) at 80p each, valuing the company at £77.9 million.
Imperial, which backs technologies spun-out of UK universities, is launching Abzena on the public markets following the success of dust and cat allergy drug developer Circassia (CIR), which beat its £175 million target to raise £200 million (13 Mar), although it has since fallen 10.6% to 277p.
Its first IPO was more a deal of convenience after struggling Parkinson's disease specialist Phytopharm (PYM) used its remaining cash to buy dementia-testing specialist IXICO (IXI:AIM) in a reverse takeover after its main drug failed in clinical trials.
Imperial participated in Abzena’s IPO, spending £4 million increasing its exposure to 23.6%, or £18 million.