LONDON: Schroder UK Public Private Trust (SUPP) has sold of its shares in Kymab Group Ltd. to Sanofi against initial proceeds of approximately US$82 million.
Furthermore, the SUPP has the potential for additional contingent payments of up to US$33 million subject to a deferred purchase price release and Kymab achieving certain development and regulatory milestones.
The Company’s holding in Kymab has been revalued to £70m reflecting the terms of the agreed sale generating a fair value gain of £52m when compared with the holding value of £18m as at 30 September 2020.
The Company intends to publish a full portfolio analysis at the time of the Company’s Annual Report for the year ended 31 December 2020 alongside the audited NAV as at 31 December 2020, which is expected to be announced later this month.
The Company intends to use the proceeds to pay down its loan balance, support some of its portfolio companies with follow-on capital and to make new investments into both public and private companies.