Imperial Innovations is focused on commercialising leading UK academic research sourced from the golden triangle formed between Cambridge, Oxford and London
The Group was founded in 1986 as the technology transfer office for Imperial College London, to protect and exploit commercial opportunities arising from research undertaken at the College. In 1997, the Group became a wholly-owned subsidiary of Imperial College London and in 2006 was registered on the Alternative Investment Market of the London Stock Exchange, becoming the first UK University commercialisation company to do so.
Innovations has a Technology Pipeline Agreement with Imperial College London which extends until 2020, under which it acts as the technology transfer office for Imperial College London. The Group also acts as the technology transfer office for select NHS Trusts linked to Imperial College London, including Imperial College NHS and North West London Hospital Trusts.
Since January 2011, when it raised £140 million from investors, Innovations has also made investments in early stage technology businesses based on or associated with IP developed at the University of Cambridge, the University of Oxford and University College London.
Since 2005, the Group has raised £206 million in proceeds from investors, which has enabled it to invest in a portfolio of spin-out companies. In 2013, the Group received a loan facility for £30 million from the European Investment Bank, providing funds for investment in healthcare ventures. Since the IPO in 2006, Innovations has invested £160.9 million, and its portfolio of companies has raised investment of over £750.0 million. The Group has holdings in 93 portfolio companies.
Innovations has achieved some notable early successes with its investments. For example, in 2010, RespiVert, a small molecule drug discovery company, was sold to Centocor Ortho Biotech (now Janssen Biotech) resulting in the Group realising £9.5 million of gross cash proceeds from an investment of £2 million. During the latter part of 2013 and the first quarter of 2014, a number of Innovations portfolio companies were listed: Oxford Immunotec listed on NASDAQ under the symbol OXFD and IXICO gained admission to the AIM of the London Stock Exchange, under the symbol IXI.
In March 2014, Imperial Innovations leading portfolio company, Circassia, was admitted to the main market of the London Stock Exchange, raising £200 million in what Circassia believed was the largest ever UK biotech float. Circassia is listed under the symbol CIR.
Imperial Innovations is founded as the technology transfer office for Imperial College London
Innovations raises £20 million through a private transaction whereby a group purchases holdings in a portfolio of its portfolio companies
The company completes its Initial Public Offering and is listed on the AIM of the London Stock Exchange and becomes Imperial Innovations Group plc. As a result of the IPO, the Group raises £26 million to invest in its portfolio of companies based on Imperial College London technology
The Group raises a further £30 million through a share placement
Pfizer acquires Group portfolio company, Thiakis, in a transaction valued at up to £100 million. The Group retains a royalty stream over future products arising from the Thiakis technology separate from the equity sale.
In December, the Group leads a £15.25 million funding round in its portfolio company, Circassia.
In July, Janssen Biotech acquire Group portfolio company Respivert for an undisclosed amount. The Group receives £9.7 million from the deal, a 4.7x return on investment
In January, the Group raises £140 million through a share placement. As part of this fundraising, it commences investment in intellectual property developed at or associated with the Universities of Cambridge and Oxford and UCL, in addition to Imperial College London
In April, the Group leads a £72 million investment round for its portfolio company, Circassia, a specialty biopharmaceutical company focused on allergy.
In July, the Group leads a £40 million investment round for its portfolio company, Nexeon, a battery materials and licensing company developing silicon anodes for the next generation of lithium-ion batteries.
In July, the Group makes significant investments in Cell Medica, an immune reconstitution specialist, and PsiOxus, a development stage biotechnology company developing treatments for cancer. The companies raised £17m and £22m respectively.
In July, the Group obtained a £30 million loan facility from the European Investment Bank to provide funds for investments in healthcare ventures.
Innovations' portfolio made good progress during 2013: Oxford Immunotec listed on NASDAQ under the symbol OXFD and IXICO gained admission to the AIM of the London Stock Exchange, under the symbol IXI.
The Group's largest holding, Circassia, floats on the main market of the London Stock Exchange, raising £200 million at an initial market cap of £581 million, in what is believed to be the largest ever UK biotech float.