Oxford Biodynamics float sparks payout for universityComments Off on Oxford Biodynamics float sparks payout for university
A biotech firm spun out of Oxford University has announced a £136 million listing on AIM, in a deal that will generate a multimillion-pound payout for a founder and its early backers.
Oxford Biodynamics was founded by Christian Hoyer Millar, Dr Alexandre Akoulitchev and Dr Aroul Ramadass in 2007 and has developed technology that can help predict how a patient will react to certain treatments.
It operates in a fast-growing market worth $6 billion (£4.8 billion), has contracts with six of the top 10 global pharmaceutical companies and counts Crispin Odey’s Odey Asset Management among its investors.
The float will raise £20 million, with almost £13 million going to selling shareholders, including Ramadass, Vulpes Life Science Fund, run by hedge-fund billionaire Stephen Diggle’s family office, and Oxford University. The remainder will fund growth.
The founders will retain an almost 30% stake when the shares, priced at 158p each, debut on December 6.