Update: Abzena IPO maintains momentum
Abzena's intention to list on the AIM market of the LSE confirms growing investor confidence and appetite for UK biotech, and signals another important milestone from Innovations' maturing portfolio. With a 26.2% interest in Abzena (valued at £11.1m; fourth largest in its portfolio), we expect Innovations to participate in the IPO. This assumes a successful £150m equity issue of its own, which is being pursued with developments like this in mind. Although not likely to be a liquidity event, the Abzena IPO illustrates the potential to unlock 'hidden' portfolio value.
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