27th Jul 2021 12:07
(Alliance News) - IP Group PLC on Tuesday said portfolio company Artios Pharma Ltd recently completed a USD153 million series C financing to fund its clinical-stage pipeline.
The FTSE 250-listed company noted that US-based medical investment companies Omega Funds and TCG X led the financing, in which both Novartis AG's Novartis Venture Fund and Pfizer Inc's Pfizer Ventures were new investors.
IP Group holds a 12% stake in Artios, with a fair value of GBP17.3 million at the end of 2020.
Artios develops cancer treatments aimed at repairing damaged DNA and has an active pipeline of cancer-therapies, IP Group said.
Pipeline candidates have been identified by a network of leading researchers in DNA damage response, including through Cancer Research UK, the investor noted.
This recent financing follows a USD84 million series B fundraise in August 2018.
"IP Group is reviewing the impact of the fundraising on the carrying value of the asset but does not anticipate a material change in its value," the company added.
Shares in IP Group were trading up 0.2% at 118.00 pence each in London on Tuesday afternoon.
By Scarlett Butler; [email protected]
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