Schroder UK Public Private Trust, the rebranded fund previously led by Neil Woodford, has sold its shareholding in Carrick Therapeutics at a discount.
Schroder UK Public Private Trust, the investment vehicle operated by asset manager Schroder, has dumped its shareholding in Carrick Therapeutics, an Ireland-based biopharmaceutical spinout of University of Cambridge, according to the Irish Times.
The trust sold its stake, valued at £18.2m ($23.4m) in September 2020, to venture capital firm Rosetta Capital as part of a deal that included six other holdings. Rosetta paid $72.4m for the package deal, representing a 22% aggregate discount.
Founded in 2015, Carrick Therapeutics is working on therapies targeting aggressive and resistant forms of cancer.
Its pipeline includes assets developed at University of Cambridge and in partnership with Cancer Research UK, Imperial College London and University of Oxford.
The spinout secured $95m in a 2016 round co-led by Woodford Patient Capital Trust (WPCT) and Arch Venture Partners, with participation from Cambridge Enterprise Seed Funds, Cambridge Innovation Capital, Lightstone Ventures, conglomerate Alphabet’s GV unit and drug discovery firm Evotec.
Schroder rescued and rebranded WPCT in 2019, following the collapse of investment management firm Woodford Investment Management.