Boston-based PureTech Health has become the latest US life sciences company to float on the London Stock Exchange, raising $171m
The funding will advance its work to licence and commercialise academic research, with Chief Executive Daphne Zohar commenting that London “leads the world in the technology transfer space”.
Welcoming PureTech’s success in London, MedCity Executive Chair Dr Eliot Forster said:
“This is a success to celebrate for the UK, underlining the growing momentum of life sciences investment here and demonstrating the strength and reputation of the London market.
“There is a common assumption that a US IPO is a safer option, but there are many arguments against that – it’s a crowded market in which smaller life sciences companies can often struggle for visibility, and the costs are higher. It’s also important to remember that listing in London is no barrier to accessing US investors; both Circassia and Abcam are London-listed but have significant US investment.
“A good incentive for PureTech is the performance last year of Allied Minds, another US technology transfer company that listed here and became London’s best performing Main Market IPO of 2014. Technology transfer is something that London understands extremely well; Imperial Innovations became the first UK university commercialisation company to float in London when it was admitted to AIM in 2006, and it has continued to perform extremely strongly. Likewise IP Group, which floated on AIM in 2003, and has gone on to achieve significant further fundraising.
“We have seen that great vision can reap great rewards – not least in the case of Circassia, which ignored cries to list in the US and achieved one of the biggest biotech flotations Europe has ever seen. Daphne Zohar is a visionary CEO leading an agile, innovative company who sees clearly that London is the smart choice. I hope we will see more life sciences companies abroad and in the UK following her lead.”