QuotedData’s morning briefing 13 February 2024 – JGGI, TRIG, INOV, BPCR

In QuotedData’s morning briefing 13 February 2024:

• JPMorgan Global Growth & Income (JGGI) announced a placing and retail offer of shares in light of the ongoing demand in the market (with a total of 50,975,336 JGGI shares being issued over the last 12 months) and a recent approach by a large wealth manager who has indicated interest in JGGI shares. The fundraising will be for an amount up to £40m to ensure the company has sufficient capacity to continue its ongoing premium management issuance programme.
• The Renewables Infrastructure Group (TRIG) announced that it has acquired a 100% equity interest in Fig Power. FIG is an energy projects developer based in Bristol, formerly a sister company of Hydrock Consultants Limited. The expected outlay over the next two years is c. £20m – approximately half for the upfront consideration and half relating to ongoing development expenditure. Thereafter, Fig Power is projected to be self-funding from the proceeds of selling a portion of its pipeline once developed and prior to construction. Fig Power has a 1.7GW development pipeline in the UK, including nine more advanced projects (c. 400MW with grid offers ranging from 2025 to 2033) and a further c. 1.3GW of exclusive sites. Fig Power’s two-hour projects are expected to participate principally in the UK wholesale and balancing markets.
• Schroders Capital Global Innovation Trust (INOV) announced that it has received a $5.6m (£4.5m) distribution due to the sale of Carmot Therapeutics Inc, a clinical-stage biotechnology company developing therapeutics for people living with metabolic diseases including obesity and diabetes, to global pharmaceutical company Roche. This distribution represents a fair value uplift of 221% relative to the last published holding value as of 30 September 2023 (£1.4m). In May 2023, the company made a $1.7 million investment into Carmot, via Harbour 25, as part of its $150m Series E funding round. In December 2023, the company announced that Carmot had entered into a definitive agreement to be acquired by Roche at a purchase price of $2.7 billion upfront and the potential for $400 million in future milestone payments.
• BioPharma Credit (BPCR) announced that it has received US$50.6m  including $13.1 million of accrued interest, additional consideration, and prepayment and make-whole fees following the prepayment and closing of a transaction in  ImmunoGen which was acquired by AbbVie.