Schroder UK Public Private Tst plc Immunocore Prices NASDAQ IPO (2190O)
February 05 2021 - 11:45AM
UK Regulatory
TIDMSUPP
RNS Number : 2190O
Schroder UK Public Private Tst plc
05 February 2021
Schroder UK Public Private Trust plc (the "Company")
Immunocore Prices NASDAQ IPO
The Company (LSE: SUPP) is pleased to announce that its
portfolio company Immunocore Holdings plc ("Immunocore") has
announced the pricing of its initial public offering ("IPO") of
9,935,896 American Depositary Shares ("ADSs") representing
9,935,896 ordinary shares at an IPO price of $26.00 per ADS, for
total gross proceeds of approximately $258.3 million. Immunocore
also raised $15 million in a concurrent private placement.
Immunocore's ADSs are expected to begin trading on The Nasdaq
Global Select Market ("NASDAQ") on February 5, 2021 under the
ticker symbol "IMCR." In addition, Immunocore has granted the
underwriters a 30-day option to purchase up to an additional
1,490,384 ADSs at the initial public offering price, less
underwriting discounts and commissions.
Proceeds from the IPO will be used to advance Immunocore's lead
product candidate through the completion of its Phase 3 clinical
trial as well as preparing for its commercial launch and to fund
the ongoing and planned clinical development of Immunocore's other
product candidates.
The Company's stake in Immunocore based on the IPO price and
today's foreign exchange rate amounts to approximately GBP15.8
million, a 23% uplift to the last disclosed fair value estimate of
GBP12.9 million at 30 September 2020 (last disclosed fair value
subject to the transaction with Rosetta Capital completing, as
announced on 27(th) January 2021). Approximately half of the value
uplift relates to protections received in Immunocore's pre-IPO
funding round in December 2020 resulting in a higher number of
shares held by the Company and the other half to an increase in
share price. The Company did not participate in the IPO and
following the IPO, the Company will retain an approximate 2% stake
in the business. All of the Company's shares in Immunocore are
restricted from resale for a period of 180 days under market
standoff and lock-up agreements although the Company is permitted
to complete the sale to Rosetta Capital.
It is anticipated that the Company's AIFM will revalue the
holding based on the trading price of Immunocore's ADSs. This will
be reflected in the NAV as at 31 March 2021, which is expected to
be announced in June 2021.
Tim Creed and Ben Wicks, Portfolio Managers of the Company,
commented: "We are proud to have supported Immunocore and its
management team in its exciting development. This highly successful
IPO, which has been priced above the announced indicative range,
underpins the quality of Immunocore's pipeline as well as the
innovation, which can emerge from ventures based in the UK if they
get the right capital backing. The successful IPO further improves
the prospect for the Company to realise the earn-out of up to GBP5
million it has agreed with Rosetta Capital for the stake the
Company will sell as part of a basket of seven assets. Also, the
listing will further improve the liquidity profile of the Company's
portfolio as it increases the share of quoted investments. We
believe that the Company has more investments in its portfolio
which have the potential for similarly successful IPOs in the
future."
About Immunocore
Immunocore is a late-stage biotechnology company pioneering the
development of a novel class of TCR bispecific immunotherapies
called ImmTAX - Immune mobilizing monoclonal TCRs Against X disease
- designed to treat a broad range of diseases, including cancer,
infectious and autoimmune. Leveraging its proprietary, flexible,
off-the-shelf ImmTAX platform, Immunocore is developing a deep
pipeline in multiple therapeutic areas, including five clinical
stage programs in oncology and infectious disease, advanced
pre-clinical programs in autoimmune disease and multiple earlier
pre-clinical programs. Immunocore's most advanced oncology
therapeutic candidate, tebentafusp, has demonstrated monotherapy
activity in a Phase 2 clinical trial in metastatic uveal melanoma,
a cancer that has historically proven to be insensitive to other
immunotherapies, and is currently being studied in an ongoing Phase
3 clinical trial.
Enquiries:
Schroder Investment Management Limited
Gareth Faith Tel: 020 7658
5264
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