Frontier IP Group PLC (AIM:FIPP) shares moved higher on Friday as the company highlighted the pricing of the initial public offering of Exscientia PLC, one of its portfolio companies.
The intellectual property (IP) commercialisation company’s shares gained 2.3% to 111p after Exscientia priced its American Depositary Shares (ADSs) at US$22 a pop.
Exscientia, an artificial intelligence (AI)-driven pharmatech company, raised roughly US$304.7mln from the offering. In addition, Exscientia sold an additional 7.27mln ADSs at the same price in private placements to Softbank and the Bill & Melinda Gates Foundation, raising an additional US$160mln.
Frontier holds 1.56mln Exscientia ADSs; the offer price values Frontier’s stake at US$34.4mln.
Frontier’s current stock market valuation stands at just under £60mln.