Shares in IP Group PLC (LSE:IPO) rose 9% to 53.5p on Tuesday after the company reported net asset value per share climbing to 110.4p, with total NAV reaching £975.1 million.
The recovery was driven largely by Pfizer's acquisition of Metsera, a biotechnology company developing obesity treatments.
The deal brought £128.2 million in discounted future royalty and milestone income onto IP Group's balance sheet, giving it direct financial exposure to Pfizer's obesity drug programme, including a phase III trial of PF'3944, a GLP-1 therapy.
Portfolio companies raised a combined £914 million during the year, up 17%, with notable rounds including $115 million for DNA repair drug developer Artios and $103 million for autonomous vehicle software company Oxa.
Cash proceeds from exits fell to £68.1 million, down from £183.4 million in 2024.
The group completed a £75 million buyback, retiring roughly 9% of its share capital, and is targeting more than £250 million in portfolio exits by end-2027.