5th May 2021 11:07
(Alliance News) - IP Group PLC on Wednesday said it has sold its portfolio companies Inivata and Kuur Therapeutics in two separate deals.
Liquid biopsy specialist Inivata Ltd was purchased by Florida-based NeoGenomics Inc for a total of USD415 million, with IP receiving approximately USD91 million in cash, or NeoGenomics stock, if certain conditions are satisfied.
Kuur Therapeutics Ltd meanwhile, was acquired by Nasdaq-listed Athenex Inc for up to USD185 million, made up of a USD70 million upfront payment to Kuur shareholders and former employees and an additional USD115 million of milestone payments, in either cash or additional Athenex stock.
As part of the deal IP Group will receive USD42 million in Athenex stock and is eligible to receive up to a further USD72 million in cash or stock.
London-based IP Group works in intellectual property commercialisation.
Its shares were up 2.2% to 128.00 pence in London on Wednesday morning.
By Will Paige; [email protected]
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