Schroders Cap Glbl - Sale of Carmot Therapeutics
08/12/2023 07:00
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231208:nRSH0922Wa&default-theme=true RNS Number : 0922W Schroders Capital Global Innovation 08 December 2023 Schroders Capital Global Innovation Trust Plc Sale of Carmot Therapeutics Schroders Capital Global Innovation Trust plc (the "Company") is pleased to announce that its portfolio company Carmot Therapeutics Inc. (Carmot), a clinical-stage biotechnology company dedicated to developing life-changing therapeutics for people living with metabolic diseases including obesity and diabetes, on 3 December 2023, has entered into a definitive agreement to be acquired by Roche, a global pharmaceutical company, at a purchase price of $2.7 billion upfront and the potential for $400 million in milestone payments. The agreement is expected to close in the first quarter of 2024, subject to customary closing conditions and required regulatory approvals. Full details of the profit on sale will be released in due course. In May 2023, the Company made a $1.7m investment into Carmot, via Harbour 25, as part of its $150m Series E funding round to support development of Carmot's broad clinical-stage metabolic pipeline, including two phase 2 trials of CT-388, a once weekly, dual GLP-1/GIP receptor modulator for obese adults with and without type 2 diabetes. Carmot's Series E round was led by Deep Track Capital and supported by a syndicate of new and existing healthcare investors including 5AM Ventures, Franklin Templeton, Frazier Life Sciences, Janus Henderson Investors, RA Capital Management, Millennium Management, TCGX, The Column Group, Venrock Healthcare Capital Partners and Willett Advisors. Tim Creed, Lead Portfolio Manager, and Harry Raikes, Co-Portfolio Manager commented: "We chose to invest in Carmot Therapeutics based on its compelling assets, which are backed by robust clinical data. The company operates in the rapidly expanding GLP1 space, which has garnered significant attention worldwide. Overall, the company fulfilled our four key investment criteria: a strong management team, a significant market opportunity, high quality science and reputable co-investors. We are delighted by the news of this sale, which has occurred earlier than expected but reflects the unique nature of Carmot's pipeline." Enquiries: Schroder Investment Management Limited Shilla Pindoria (Company Secretary) 0207 658 6000 Augustine Chipungu (Press) 0207 658 2106 John Spedding (Head of Investment Trusts) 0207 658 3206 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END AGRDDLFBXLLFFBL