IP Group Investee Sells Developing Drug Portfolio for GBP75 Million

By Jaime Llinares Taboada

IP Group PLC said Wednesday that its investee company Enterprise Therapeutics Ltd. has sold a portfolio of developing drugs for respiratory diseases to Roche Holding AG for an upfront payment of 75 million pounds ($96.6 million).

The developer of intellectual property-based businesses said Enterprise shareholders are also eligible to receive additional payments based on certain milestones. IP Group has a 21.7% beneficial shareholding in Enterprise.

The potentiator program portfolio that has been sold includes ETD002, which recently entered Phase 1 trials. This product is focused on treating cystic fibrosis, with potential to benefit people with other severe respiratory diseases.

IP Group said following the transaction, it has realized cash of GBP183.9 million so far this year, compared with GBP79.5 million in the whole 2019.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

October 07, 2020 03:21 ET (07:21 GMT)

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