Business
Enterprise Therapeutics' program acquired by Roche
Enterprise Therapeutics' program acquired by Roche.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2987B\n IP Group PLC\n 07 October 2020\n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 07 October 2020\n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.\n \n \n \n \n \n IP Group plc - Portfolio company Enterprise Therapeutics' TMEM16A potentiator program for treatment of cystic fibrosis & other respiratory diseases acquired by Roche \n \n \n \n \n \n · \n \n IP Group's cash realisations for the year now total £183.9m\n \n \n \n \n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, is delighted to note that portfolio company \n Enterprise Therapeutics Ltd (\"Enterprise\" \n or \"the Company\") \n has announced that its novel TMEM16A potentiator portfolio has been acquired by Roche and will be developed by Genentech, a member of the Roche Group.\n \n \n \n \n \n In connection with the transaction, Enterprise's shareholders received an upfront payment of £75 million, and are eligible to receive additional contingent payments, to be made based on the achievement of certain predetermined milestones. \n As a result of this transaction, IP Group's cash realisations for the year to date now total £183.9 million, 2.3 times greater than the £79.5 million recorded for the whole of 2019.\n \n \n \n \n \n \n Following completion of the transaction, the Group has an undiluted beneficial shareholding of 21.7% in Enterprise. At 30 June 2020, the Group's shareholding in Enterprise \n was valued at £9.0 million. The Group's directors anticipate the transaction will result in a fair value gain and are currently reviewing the carrying value of Enterprise, which will be confirmed no later than the 2020 Annual Results.\n \n \n \n \n \n Enterprise is \n a biopharmaceutical company dedicated to the discovery and development of novel therapies to improve the lives of patients suffering with respiratory disease. The TMEM16A portfolio includes ETD002, which recently entered Phase 1 trials, and is focused toward treating all people with cystic fibrosis (CF) with potential to benefit people with other severe respiratory diseases characterised by excessive mucus congestion. Following acquisition of the TMEM16A port...