Legal & General has disclosed it has a 3.43% stake in ImmuPharma PLC (LON:IMM), the specialist drug discovery and development company.
"We are delighted to be able to disclose Legal & General as one of the new significant and major institutional investors which participated in ImmuPharma's recent successful vendor placing,” said company chairman, Tim McCarthy.
ImmuPharma raised cash earlier this year to fund its share of the costs of developing Lupuzor, its potential blockbuster drug for the autoimmune disease Lupus, which is currently undergoing phase III clinical trials.
“One of the board's priorities is to maintain and strengthen our shareholder base. We are therefore delighted that such a highly regarded institution as Legal & General has demonstrated its support for ImmuPharma," McCarthy said.