Schroder UK Public Private Trust plc (the "Company")
Athenex to acquire Kuur
The Company (LSE: SUPP) is pleased to announce that portfolio company Kuur Therapeutics ("Kuur"), the leading developer of off-the-shelf CAR-NKT cell immunotherapies for the treatment of solid and hematological malignancies, has announced its acquisition by Athenex, a global biopharmaceutical company.
On Tuesday, 4 May 2021, Athenex announced that it has acquired Kuur for an upfront payment of $70 million, comprised of equity in Athenex common stock. The shares received are subject to a 90-day lockup period. Additionally, Kuur shareholders are eligible to receive up to $115 million of milestone payments over several years, which may be paid in either cash or additional Athenex common stock, at the sole discretion of Athenex.
Based on the terms of the transaction, the Company expects to receive total initial proceeds of $8.3 million in Athenex common stock. Furthermore, the Company has the potential for additional contingent payments of up to $14.6 million over several years which may be paid in either cash or additional Athenex common stock, at the sole discretion of Athenex.
It is anticipated that the Company's AIFM will likely revalue the holding, leading to a significant uplift to the latest carrying value of the Company's holding in Kuur which stood at £0.85 million as at 31 December 2020. This will be reflected in the NAV as at 30 June 2021, which will be announced in the Company's interim accounts for the half year.
Enquiries:
Schroder Investment Management Limited
| Estelle Bibby (Press) | 0207 658 3431
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| Gareth Faith (Company Secretary) | 0207 658 5264
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About Athenex, Inc.
Founded in 2003, Athenex, Inc. (NASDAQ: ATNX) is a global clinical stage biopharmaceutical company dedicated to becoming a leader in the discovery, development, and commercialization of next generation drugs for the treatment of cancer. Athenex is organized around three platforms, including an Oncology Innovation Platform, a Commercial Platform, and a Global Supply Chain Platform. The Company's current clinical pipeline is derived from four different platform technologies: (1) Orascovery, based on P-glycoprotein inhibitor, (2) Src kinase inhibition, (3) T-cell receptor-engineered T-cells (TCR-T), and (4) Arginine deprivation therapy. Athenex's employees worldwide are dedicated to improving the lives of cancer patients by creating more active and tolerable treatments. For more information, please visit www.athenex.com.
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