27th Apr 2026 07:58
(Alliance News) - GSK reports on a US court ruling in ongoing litigation, AstraZeneca announces US approval for a self-administered lupus treatment, while Harworth Group receives planning consent for a data centre development in Leeds.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.1% at 10,370.98
GBP: higher at USD1.3530 (USD1.3497 at previous London equities close)
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BROKER RATINGS
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Investec starts Rentokil Initial with 'hold' - price target 510 pence
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Citigroup cuts Sainsbury to 'neutral' (buy) - price target 335 (377) pence
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Citigroup raises Seplat energy price target to 655 (415) pence - 'buy'
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COMPANIES - FTSE 100
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GSK says a US court has dismissed part of a legal claim involving its subsidiary Tesaro, while the broader dispute continues. The drugmaker says the Delaware Chancery Court grants AnaptysBio Inc's motion to dismiss Tesaro's claim for anticipatory breach, though the ruling does not address the merits of the core contractual dispute and does not affect Tesaro's remaining claim for declaratory judgment. GSK says Tesaro continues to pursue the case at trial, maintaining that the allegations are without merit. The dispute relates to a 2014 licence agreement for dostarlimab, marketed as Jemperli, which AnaptysBio has sought to revoke. GSK adds Jemperli is approved in more than 35 countries for certain endometrial cancers and continues to see growth.
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AstraZeneca says its lupus treatment Saphnelo has been approved in the US for self-administration via a new autoinjector. The Cambridge, England-based pharmaceuticals maker says the US Food & Drug Administration approves a once-weekly subcutaneous version of Saphnelo, allowing adult patients with systemic lupus erythematosus to self-administer the treatment alongside standard therapy. AstraZeneca says the decision is based on phase III TULIP-SC trial results, which show statistically significant reductions in disease activity versus placebo, with a safety profile consistent with the intravenous formulation. The company adds the Saphnelo Pen expands access and convenience for patients, while the drug is already approved in more than 70 countries as an IV infusion and has treated over 40,000 patients globally.
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COMPANIES - FTSE 250
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Harworth Group says a planning committee has resolved to approve a major data centre scheme in Leeds alongside Microsoft. The Rotherham, South Yorkshire-based regenerator of land for sustainable development says Leeds City Council's planning panel backs an application for a hyperscale data centre campus at Skelton Grange, covering around 500,000 square feet across three data halls, as well as about 160,000 square feet of industrial and logistics space and EV charging on adjacent land. Harworth says the approval marks progress towards completion of the second phase land sale to Microsoft, following the initial 27-acre sale in 2024 for GBP51.2 million. The second phase covers 21 acres and is expected to generate a further GBP53.2 million on completion. The company adds the wider development could deliver around GBP4 billion of inward investment and supports further growth opportunities across its powered land portfolio. Harworth CEO Lynda Shillaw says: "Our powered land portfolio has a further 0.8GW of power connections, on top of our Skelton Grange site, and is well positioned to capture demand from data centre and other power-intensive sectors, providing the potential for further upside opportunities, delivering strong group level value gains and attractive shareholder returns."
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Molten Ventures says it delivers strong net asset value and portfolio growth in the year to March 31, with both metrics rising year-on-year. The technology-focused venture capital firm expects net asset value per share to increase 13% to around 760 pence from 671 pence a year earlier, while gross portfolio value rises 11% to about GBP1.52 billion from GBP1.37 billion, supported by strong performance across its core portfolio, including Revolut and ICEYE. Molten says realisations total GBP120 million, down from GBP135 million the year before, but achieved at an average multiple of 3x invested capital. Investment activity increases, with GBP89 million deployed compared with GBP73 million in financial 2025, alongside a further GBP22 million via managed funds. The firm returns GBP38 million to shareholders through buybacks, up from GBP17 million a year prior, while total group cash declines to GBP52 million from GBP89 million. Molten adds its portfolio remains well funded, with 88% of companies having at least 12 months' cash runway, and says it is well positioned for further growth and realisations.
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OTHER COMPANIES
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Kelso Group Holdings says it has built a new declarable stake in Filtronic, following strong share price gains. The acquisition vehicle says it acquires 500,000 Filtronic shares at an average 185 pence between December 2025 and February 2026. With the stock closing at 296 pence on Friday, the holding rises in value by around 60% and now represents about 10% of its gross investments. The investor says Filtronic benefits from strong commercial momentum, with revenue more than tripling over the past three years and a record order book covering around 90% of financial 2026 revenue. It notes exposure to high-growth markets including space, aerospace and defence, supported by contracts and partnerships with companies such as SpaceX and Airbus SE. Kelso adds it sees Filtronic as an attractive long-term opportunity and will continue to engage with the company in line with its strategy of supporting value creation.
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Vanquis Banking says it will not challenge the UK motor finance redress scheme and is focused on implementation. The lender says it accepts the scheme set out by the Financial Conduct Authority and will work to deliver appropriate compensation where required. It adds it is not in scope for key elements of the scheme, including discretionary commission and tied selling arrangements. Vanquis says its previously disclosed GBP3.0 million provision for the issue remains unchanged. The decision follows similar moves by peers including Barclays, Lloyds Banking and Close Brothers, which have also opted not to challenge the FCA's redress scheme.
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By Eva Castanedo, Alliance News reporter
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