The commercialisation firm has secured support for a takeover from shareholders who hold 96.5% between them in its peer Touchstone Innovations.

UK-based commercialisation firm IP Group revealed on Monday that it has obtained the support of shareholders holding a total of 96.5% of shares in Touchstone Innovations, its peer spun out from Imperial College London.

IP Group also extended its offer until October 6, though Touchstone’s board has continually rejected the offer saying it undervalues the firm.

Imperial College previously said it was in favour of the deal, choosing to side against Touchstone’s board of directors. IP Group is offering £490m ($630m) for the transaction, though Touchstone’s board and chairman have publicly stated the offer undervalues the firm.

IP Group’s offer is equivalent to a purchase price of £2.661 ($3.60) each, but Touchstone chief executive Russ Cummings noted last week this was 15% less than the net asset value achieved per share of £3.12  – rising to £3.16 when excluding one-off corporate costs.

Cummings said: “We now have a dozen unquoted companies of material scale and considerable potential, many of which made significant progress and a number of which are approaching key inflexion points.

“We also have great depth to our portfolio, with another 20 or so portfolio companies showing rapid development.

“We are actively involved in discussions about partnerships, licensing and other corporate developments across a number of our larger unlisted portfolio companies that may lead to transactions resulting in fair value gains.

“We have access to outstanding opportunities from the UK’s golden triangle cluster and the people, platform, skills and financial resources to continue to build value over the long term.”

IP Group has secured the support of enough shareholders to force a delisting of Touchstone Innovations and compulsorily purchase the outstanding shares. The firm’s offer is currently being investigated by the UK Competition & Markets Authority, with a decision due October 24.

If the merger goes ahead, Touchstone’s shareholders would own approximately 34% of the combined entity and IP Group shareholders would hold the remaining 66%.

The two firms share several large shareholders, such as Woodford Investment Management and Invesco Asset Management – a crucial factor that has made the takeover a distinct possibility.