UK-based commercialisation firm the IP Group has offered £70m ($116m) in a takeover bid of tech transfer unit Fusion IP.

IP currently holds a 20% equity stake in Fusion. The bid values Fusion at 80.2p per share, at £87m in total, and represents a 27.4% premium on Fusion’s current share price.

Fusion IP currently has exclusive commercialisation rights with the universities of Sheffield and Cardiff, which holds a 10% stake in the firm. It also signed memorandums of understanding with…

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