fbpx

Cambridge scientists’ bonanza as firm is sold for £815m

Cambridge scientists’ bonanza as firm is sold for £815m

Two Cambridge scientists will make millions of pounds after the cancer specialist they founded was sold to French drugs giant Sanofi for £815m. K

Chinese stocks ‘uninvestible’ after Alibaba founder vanishes
AA boss sounds warning as parking firms lobby to be allowed to clamp again
Is the Post Office open during the bank holiday today? Opening times revealed

Two Cambridge scientists will make millions of pounds after the cancer specialist they founded was sold to French drugs giant Sanofi for £815m. 

Kymab, set up by Professor Allan Bradley and Dr Glenn Friedrich in 2010, is a spin-out from the Wellcome Trust’s Sanger Institute. 

The company has agreed to be taken over by Sanofi. Shareholders will receive an upfront payment of £815m and potential further instalments worth £260m depending on whether targets are hit. 

Windfall: Sanofi will gain the rights to Kymab's KY1005 drug, an antibody therapy viewed as having the potential to treat a wide range of disorders and immune-related diseases

Windfall: Sanofi will gain the rights to Kymab's KY1005 drug, an antibody therapy viewed as having the potential to treat a wide range of disorders and immune-related diseases

Windfall: Sanofi will gain the rights to Kymab’s KY1005 drug, an antibody therapy viewed as having the potential to treat a wide range of disorders and immune-related diseases

It means Bradley stands to get about £14m for his 1.7 per cent stake and Friedrich about £4m for his 0.5 per cent, according to records on Companies House. Filings show the Wellcome Trust also owns about 21.4 per cent and will get £175m. 

Sanofi will gain the rights to Kymab’s KY1005 drug, an antibody therapy viewed as having the potential to treat a wide range of inflammatory disorders and immune-related diseases. It is still being tested in clinical trials. 

Paul Hudson, Sanofi’s boss, said: ‘The Kymab acquisition adds KY1005 to our dynamic pipeline, a potential first-in-class treatment for a range of immune and inflammatory diseases.’ 

The deal is also a major boost to investors in Neil Woodford’s former Patient Capital investment trust, now known as Schroder UK Public Private (SUPP). It is set to receive about £65m from the sale of cancer specialist Kymab. However it said £5m of this could be subject to clawback or delayed payment. 

SUPP said it could receive as much as £20m more from the milestone payments as well. 

The deal is expected to complete in the second half of this year. 

A spokesman for Bradley and Friedrich declined to comment. 

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on Dailymail.co.uk

Do You Enjoy This Article?
Sign up for our newsletter and receive FREE access to download SuccessDigest Digital Weekly Edition for attainment of your financial freedom in the new digital economy!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.

COMMENTS

WORDPRESS: 0
DISQUS:
%d bloggers like this: