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London Stock Exchange today welcomes Circassia, the first biotech company to list on London's Main Market since 2006. The speciality biopharmaceutical company, focussed on developing world-class immunotherapies raised £200 million of primary proceeds to fund company growth. The £581 million valuation makes it the largest biotech company to IPO on London's markets.
Key statistics:
- 27 biotech companies currently listed on our markets - 23 AIM & 4 Main Market
- London Stock Exchange biotech sector valued at over £5 billion
- 30 pharmaceutical companies currently valued at £162 billion on our markets
Steve Harris, Circassia's Chief Executive Officer, said:
"We are delighted to have received such strong support from UK, US and European investors in raising £200 million, which we believe is the biggest ever fundraising for a biopharmaceutical company at IPO in the UK market. Our journey as a public company begins today and we look forward to creating value for our shareholders.
"With the proceeds raised from the flotation, we can bring the first of our new generation of allergy immunotherapy products, Cat-SPIRE, to market and accelerate the development of our ToleroMune® platform technology. London is a great market and we believe London Stock Exchange is an excellent platform from which we will continue to build a world-class British specialty biopharmaceutical company."
Alexander Justham, CEO of London Stock Exchange plc, said:
"It is very encouraging to see the UK biotech industry flourishing and investor appetite for biotech returning to London. Circassia's confidence in the London market underlines the fact that we remain a leading provider of equity funding to the world's leading growth businesses."
Commenting on the listing, Kit Malthouse, the Deputy Mayor of London for Business and Enterprise, said:
"I am absolutely delighted that Circassia is listing on London Stock Exchange today. The London-Oxford-Cambridge triangle is the world's leading region for life sciences research, and promoting this vital sector is a top priority for the Mayor, Boris Johnson, and me. London brings together scientific expertise, access to equity, and a supportive regulatory environment - all of which are vital for bio-science companies, like Circassia, to flourish."
