IP Group, the UK-based commercialisation firm, has extended its planned capital raise to £100m to fund its expansion across the Atlantic and development support for its portfolio university spin-out companies.
The raise is an addition to an already planned £75m round, which will be raised through the issue of around 60.6 million shares at 165p per share.
The fundraising comes shortly after the IP Group made a deal to fully acquire Fusion IP, which has exclusive commercialisation agreements with Swansea and Cardiff universities as well as memorandums of understanding with others.
Alan Aubrey, chief executive at IP Group, said: “We are delighted to announce the successful completion of the capital raise and that, as a result of significant excess demand from existing and new institutional investors, the board has used its discretion to increase the size of the issue to GBP100 million. This will enable us to accelerate growth by increasing our overall rate of capital deployment into both our existing portfolio and into new early stage opportunities, in the UK and internationally, as well as to broaden our access to world class intellectual property.”
