RCS - IP Group PLC - Autifony signs deal with Jazz for up to $770m

IPAnnouncement

14/11/2023 07:15

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RNS Number : 3717T  IP Group PLC  14 November 2023

 FOR RELEASE ON  14 November 2023

Portfolio company Autifony signs global licencing deal worth up to $770m with
Nasdaq's Jazz Pharmaceuticals

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in
breakthrough science and innovation companies with the potential to create a
better future for all, is pleased to note that Autifony Therapeutics Ltd
("Autifony" or "the Company") has entered into an exclusive global licensing
agreement with Nasdaq-listed Jazz Pharmaceuticals plc ("Jazz"). Through the
agreement, Autifony, which is pioneering the development of novel
pharmaceutical treatments for rare CNS disorders and other serious brain
diseases, will discover and develop drug candidates targeting two different
ion channel targets associated with neurological disorders.

 

Under the terms of the agreement, Autifony will receive an upfront payment
from Jazz and is eligible to receive development, regulatory and commercial
milestone payments across the two programmes. The upfront and milestone
payments have a combined total value of up to $770m. Autifony is also eligible
to receive tiered royalties on future net sales.

 

Autifony will lead drug discovery and preclinical development activities on
the two targets. Subsequent to successful completion of such preclinical
development, Jazz will lead all clinical development, manufacturing and
regulatory activities and commercialisation.

 

IP Group has an undiluted beneficial holding in Autifony of 26.3%, valued at
£4.6m. The directors will review the carrying value of Autifony, as usual,
as part of the Group's Annual Results for 2023 in light of this transaction
and all other relevant information. The directors currently anticipate a fair
value gain of approximately £5m.

 

For more information, please contact:

 

 IP Group plc                       www.ipgroupplc.com
 Liz Vaughan-Adams, Communications  +44 (0) 20 7444 0062/+44 (0) 7967 312125
 Portland
 Vic Wallin                         +44 (0) 7973 823119

 Alex Donaldson                     +44 (0) 7516 729702

 

Notes for editors

 

About IP Group

 

IP Group accelerates the impact of science for a better
future. As the most active UK based, early stage science investor, we
develop and support some of the world's most exciting businesses in
deeptech, life sciences and cleantech (led by Kiko Ventures). Through
Parkwalk, the UK's largest growth EIS fund manager, we also back
world-changing innovation emerging in leading universities and research
institutions. Our specialist investment team combines sector expertise with
an international approach. Together we have a strong track record of success,
having backed high-profile companies including Oxford Nanopore Technologies
plc, First Light Fusion, Hysata, and Oxbotica. IP Group is listed on the Main
Market of the London Stock Exchange under the code IPO. For more information,
please visit our website at www.ipgroupplc.com (http://www.ipgroupplc.com/) .

 

About Autifony

Autifony Therapeutics is an independent UK based biotechnology company formed
in 2011 as a spin-out from GSK, which retains equity in the company. The
Company is focused on the development of high value, novel medicines to treat
serious diseases of the central nervous system.  It is funded by SV Health
Investors, IP Group, Pfizer Ventures, International Biotechnology Trust PLC,
and UCL Business plc.  For more information, please visit www.autifony.com
(http://www.autifony.com) .

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