Woodford Investment Management increases its stake in Imperial innovations to 21% with a $16m investment.
UK-based investment firm Woodford Investment Management has invested £11.6m ($16m) in Imperial Innovations, the commercialisation firm of Imperial College London, to up its stake from 19.9% to 21%, according to the Guardian.
Woodford operates an £800m fund aimed at university spinouts and technology startups named Woodford Patient Capital Trust, which earlier this year considered raising additional capital.
Imperial Innovations became a public company in 2006 when it floated on the Aim stock exchange. The firm helps commercialise and invests in spinouts from the golden triangle, the geographical region bounded by London, Cambridge and Oxford.
The firm has received more than £446m from investors to date and in February 2016 decided to raise £100m to support its existing portfolio.
Woodford has received regulatory approval from the UK’s Financial Conduct Authority to purchase the additional shares and take its holding to more than a fifth.
Neil Woodford (pictured), founder of Woodford Investment Management, said: “No other country matches Britain in its track record of scientific discovery. We do science and innovation incredibly well, but we have a lamentable record in converting top science into top businesses.”
