Imperial Innovations looking to raise $250m

Imperial Innovations, the technology transfer company of Imperial College London, has announced plans to raise £150m ($250m) from the City of London to increase its investments in university spin-outs. It will raise the money by issuing new shares, which will be offered at no less than £4 ($6.70) each.

Imperial Innovations has secured the backing of the vast majority of existing shareholders. If successful, this fundraising would allow the TTO to almost double its investments, having raised £206m ($345m) from current investors since its launch in 2006.

The money raised would be used to both make new investments and increase current investments. Its portfolio companies are hoping to raise a total of £100m ($167m) over the next year. Innovations invests – unlike venture capital funds, without timeframes – in spin-outs from Oxford University and Cambridge University, University College London and Imperial College London. It is listed on the London Stock Exchange’s AIM, and Imperial College London currently holds a 30.3% share.

Imperial Innovations also announced the appointment of Peter Chambre and Linda Wilding as non-executive directors. Chambre was previously the CEO of Cambridge Antibody Technology before its acquisition by AstraZeneca. Wilding, meanwhile, is a private equity specialist who also serves as a non-executive director for Irish pharmaceutical services company UDG Healthcare.

Martin Knight, chairman of Imperial Innovations, said: “It is gratifying that our core shareholders have evidenced their support for this proposed fundraising by giving irrevocable undertakings to vote in favour of the resolutions needed to enable the placing to proceed.”