- Trading ahead of management expectations
- Value of stake in Exscientia set to be raised from £13.2m to £22.7m
- Exscientia announces major strategic collaboration with Sanofi
- Encouraging data from The Vaccine Group on next generation Covid-19 vaccines
Frontier IP (FIPP:99p), a £55m market capitalisation investment company that provides a range of commercialisation services to university spin-outs in return for ‘free equity’ stakes, has released a robust first-half pre-close trading update that points to a material increase in the company’s last reported net asset value of £38.4m (69.8p a share).
For example, Frontier’s largest portfolio company, Exscientia (US:EXAI), a clinical-stage pharma technology company pioneering the use of artificial intelligence (AI) to design new drugs, has just signed a major strategic collaboration with Sanofi that entitles it to an upfront $100m cash payment and potential milestones and royalties of $5.2bn. Frontier holds 1.565m shares in Exscientia that were valued at $30.9m (£22.7m) at the end of the first half, or £9.5m (17p a share) more than the carrying value in the 2021 accounts.