IP Group PLC Autifony signs deal with Jazz for up to $770m
14 Novembre 2023 - 8:11AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
14 November 2023
FOR RELEASE ON 14 November 2023
Portfolio company Autifony signs global licencing deal worth up
to $770m with Nasdaq's Jazz Pharmaceuticals
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which
invests in breakthrough science and innovation companies with the
potential to create a better future for all, is pleased to note
that Autifony Therapeutics Ltd ("Autifony" or "the Company") has
entered into an exclusive global licensing agreement with
Nasdaq-listed Jazz Pharmaceuticals plc ("Jazz"). Through the
agreement, Autifony, which is pioneering the development of novel
pharmaceutical treatments for rare CNS disorders and other serious
brain diseases, will discover and develop drug candidates targeting
two different ion channel targets associated with neurological
disorders.
Under the terms of the agreement, Autifony will receive an
upfront payment from Jazz and is eligible to receive development,
regulatory and commercial milestone payments across the two
programmes. The upfront and milestone payments have a combined
total value of up to $770m. Autifony is also eligible to receive
tiered royalties on future net sales.
Autifony will lead drug discovery and preclinical development
activities on the two targets. Subsequent to successful completion
of such preclinical development, Jazz will lead all clinical
development, manufacturing and regulatory activities and
commercialisation.
IP Group has an undiluted beneficial holding in Autifony of
26.3%, valued at GBP4.6m. The directors will review the carrying
value of Autifony, as usual, as part of the Group's Annual Results
for 2023 in light of this transaction and all other relevant
information. The directors currently anticipate a fair value gain
of approximately GBP5m.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7967 312125
Portland
Vic Wallin +44 (0) 7973 823119
Alex Donaldson +44 (0) 7516 729702
Notes for editors
About IP Group
IP Group accelerates the impact of science for a better future.
As the most active UK based, early stage science investor , we
develop and support some of th e world's most exciting businesses
in deeptech, life sciences and cleantech (led by Kiko Ventures).
Through Parkwalk, the UK's largest growth EIS fund manager, we also
back world-changing innovation emerging in leading universities and
research institutions. Our specialist investment team combines
sector expertise with an international approach. Together we have a
strong track record of success, having backed high-profile
companies including Oxford Nanopore Technologies plc, First Light
Fusion, Hysata, and Oxbotica. IP Group is listed on the Main Market
of the London Stock Exchange under the code IPO. For more
information, please visit our website at www.ipgroupplc.com .
About Autifony
Autifony Therapeutics is an independent UK based biotechnology
company formed in 2011 as a spin-out from GSK, which retains equity
in the company. The Company is focused on the development of high
value, novel medicines to treat serious diseases of the central
nervous system. It is funded by SV Health Investors, IP Group,
Pfizer Ventures, International Biotechnology Trust PLC, and UCL
Business plc. For more information, please visit www.autifony.com
.
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