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QuotedData’s morning briefing 10 September 2021

In QuotedData’s morning briefing 10 September 2021:

  • RTW Venture (RTW) has announced a new portfolio investment in Lycia Therapeutics, following its participation in the company’s US$70m series B financing round, the proceeds of which are intended to advance Lycia’s discovery pipeline of LYTAC degraders. Lycia is a privately held biotechnology company developing extracellular protein degradation platform LYTAC to target the untapped extracellular proteome, including cell surface receptors and secreted proteins. The company says that this platform could be extended to several therapeutic modalities, including antibodies and small molecules, with the potential to inhibit many targets previously considered intractable across a spectrum of therapeutic areas and diseases.
  • LXI REIT (LXI) said it had held “very preliminary discussions” with Secure Income REIT (SIR) over a possible £3bn merger of the two funds, but was “no longer reviewing this opportunity”.
  • Target Healthcare REIT has raised gross proceeds of £125m through an oversubscribed issue at 115 pence per share. The group had initially been targeting £100m but raised it to £125m due to high demand. A total of 108,695,652 new shares will begin trading on the London Stock Exchange’s Main Market on 14 September 2021.
  • Supermarket Income REIT (SUPR) has announced that Sainsbury’s has exercised a purchase option to acquire 13 stores within its joint venture portfolio that consists of 26 stores and is owned by SUPR, the British Airways Pension Trustees and Sainsbury’s. The acquisition of the 13 stores will be completed in March 2023 upon expiry of the current occupational leases. The purchase price under the option is to be determined based on the assumption of a new 20-year lease to Sainsbury’s with the initial rent set at the higher of passing or open market, subject to upward-only, five yearly market rent reviews. In addition, Sainsbury’s has a remaining purchase option to acquire a further 10 stores in the portfolio, which can be exercised between December 2021 and January 2022.
  • Aquila European Renewables Income (AERI) has announced that it has raised gross proceeds of €90.0m before costs and expenses through the issue of 87,424,431 ordinary shares at €1.03 per share, which represents a premium of 5.0% to the Company’s ex-dividend NAV as at 30 June 2021 (shares issued as part of the fundraise were not eligible for the second interim dividend of 1.25 cents which was paid to eligible shareholders on 3 September 2021). This is a little below the target for the fundraise of €100m, although the fund could have issued up to €150m worth.
  • Schroder UK Public Private’s (SUPP’s) portfolio company, Oxford Nanopore, has announced its intention to publish a registration document and its potential intention to undertake an initial public offering. Should the company proceed with the offer, it will apply for admission of its Shares to the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities. [QD comment: This could be big news for SUPP. Oxford Nanopore is a significant SUPP holding – accounting for 21.8% of the trust’s NAV as at 31 March 2021.]

We also have Gresham House’s purchase of the VCT business of Mobeus Capital Partners.

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