Business
Acacia Research Reports Third Quarter 2021 Financial Results
Company Recognizes Substantial Realized and Unrealized Gain from Oxford Nanopore IPO NEW YORK--(BUSINESS WIRE)-- Acacia Research Corporation (Nasdaq: ACTG)
About this update from Acacia Research Corporation
[{"type":"text","content":"\nCompany Recognizes Substantial Realized and Unrealized Gain from Oxford Nanopore IPO\n\n NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) today reported results for the three- and nine-month periods ended September 30, 2021.\n\nClifford Press, Chief Executive Officer, stated, “This was a milestone quarter highlighted by the IPO of Oxford Nanopore Technologies Limited. Oxford Nanopore represented a nearly $120 million realized and unrealized gain in the quarter, between the sale of a small portion of our stake and the increased value in our remaining position. As a result, our pro forma book value at September 30, 2021 increased to $6.31 per share. In addition, subsequent to the end of the quarter, we completed our first operating company acquisition, as we welcome Printronix to the Acacia family.”\n\n“Acacia’s recently completed and proposed M&A activity represents our mature business model coming into focus,” continued Mr. Press. “Over the past year, we have expanded our team, bolstered our capital base and positioned Acacia as a corporate acquirer, with the flexibility, capability and expertise to pursue multiple public and private opportunities, including complex transactions, avoiding large, competitive auctions, while evaluating a diverse set of situations. Our highly collaborative partnership with Starboard Value LP and our strong capital base, comprised of cash, public and private investments, IP assets and the addition of the profitable Printronix business, facilitates a healthy pipeline of potential attractive operating company investments.”\n\nDuring the third quarter, Acacia recognized $101 million in realized and unrealized gains in the value of the life sciences portfolio acquired in June 2020. To date, based on the current value of the remaining positions, Acacia has recovered $256 million of the aggregate portfolio purchase price of $282 million. As of September 30, 2021, Acacia holds the following positions in its life sciences portfolio:\n\n\nPublic Securities\n\n\nBased on Market Value (at September 30, 2021)\n\n\nCompany\nTicker\nNumber of Shares\nValue\n\n\nOxford Nanopore Technologies 1\nLSE: ONT\n35.1 mm\n$267.8 mm\n\n\nArix Bioscience plc\nLSE: ARIX\n25.8 mm\n$52.8 mm\n\n\nImmunocore 2\nIMCR\n0.68 mm\n$25.2 mm\n\n\nInduction Healthcare Group plc\nAIM: INHC\n4.2 mm\n$2.9 mm\n\n\n\n\...