THE NORTHERN VCTS EXIT GENTRONIX
09 Setembro 2024 - 10:00AM
UK Regulatory
THE NORTHERN VCTS EXIT GENTRONIX
9 SEPTEMBER 2024
NORTHERN VENTURE TRUST PLC
THE NORTHERN VCTS EXIT
GENTRONIX
Northern Venture Trust PLC (“the Company”) is a
Venture Capital Trust (“VCT”) launched in 1995 and advised by
Mercia Fund Management Limited. The Company’s objective is to
provide long-term tax-free returns to investors through a
combination of dividend yield and capital growth, by investing in a
portfolio of investments mainly comprising unquoted venture capital
holdings. In order to maintain approval by HM Revenue & Customs
as a VCT, the Company is required to comply on a continuing basis
with the provisions of Section 274 of the Income Tax Act 2007.
Gentronix, the UK-based contract research
organisation (CRO) that is a world leader in genetic toxicology,
has been acquired by Scantox Group of Denmark for an undisclosed
sum.
The deal provides an exit for Mercia Ventures’
Northern VCTs, which have sold their stakes in the business for a
combined £14.8 million, representing a 4.5x lifetime return on
investment. Northern Venture Trust PLC received proceeds of £5.9
million. The benefit of the uplift in valuation received upon exit
will be factored into the next Net Asset Value announcement.
Gentronix, which is based in Alderley Park in
Cheshire, provides predictive toxicology services to the global
pharma and chemical industry, enabling clients developing new drugs
or products to identify genotoxic compounds at an early stage. The
company also has expertise in ocular and skin sensitisation
assays.
Founded in 1999 by Professor Richard Walmsley,
Gentronix now employs almost 70 employees, having doubled its
workforce since 2021. The company received the King’s Award
for Enterprise in May this year after increasing its overseas
earnings by 239% over three years, driving annual revenue to over
£10m, with export sales accounting for 81% of that.
Following the acquisition, Gentronix will
continue to operate under its current name and from its existing
premises. The deal will give it access to new global opportunities
while enabling Scantox to expand its services in response to client
demands and provide a one-stop shop to support drug development in
the lead up to human trials.
Matt Tate, CEO of Gentronix, said: “Becoming a
part of Scantox Group is a fantastic next step for Gentronix,
opening up unique possibilities for us to offer an even greater
service portfolio to our clients. The scale-up journey at Gentronix
has been strongly supported by Mercia and the Northern VCTs. Alex
Gwyther and the team have been fantastic investment partners,
working with us to develop a successful CRO that now has the
opportunity to continue its growth within the Scantox group.”
The Northern VCTs first invested in Gentronix in
2007 and provided further funding over the years to support its
ongoing growth.
Alex Gwyther of Mercia Ventures said: “This deal
demonstrates the benefit of patient capital in building a
world-class life sciences business. It has been rewarding to see
Gentronix evolve and in recent years it has gained real momentum
under the leadership of Matt and his team. The time is right for
Gentronix to enter the next phase of its growth story and Scantox
is an ideal partner. Bringing together these two businesses will
create a leading global force in toxicology and pharmaceutical
development.”
Following the acquisition, the Scantox Group
will employ nearly 400 people across seven European sites offering
lead optimisation, regulatory toxicology, CMC (chemistry,
manufacturing and controls), formulation and analytical
services. Scantox is owned by Impilo, the leading Nordic
healthcare investment company.
Jeanet Løgsted, CEO of Scantox Group, adds: “I
am thrilled that Scantox Group has been able to partner up with
Gentronix. Genetic toxicology is a missing link in our portfolio
and frequently requested by our clients to become a one-stop-shop
premier CRO partner. Gentronix´s service line, client base, high
quality standards and not least people culture fits perfectly with
our DNA. Our business plan is to continuously expand our service
portfolio across all sites and add scientific excellence to the
Group.”
Enquiries:
Sarah Williams / James Sly, Mercia Fund
Management Ltd – 0330 223 1430
Website: www.mercia.co.uk/vcts
The contents of the Mercia Asset Management PLC
website and the contents of any website accessible from hyperlinks
on the Mercia Asset Management PLC website (or any other website),
are not incorporated into, nor forms part of, this
announcement.
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