Exscientia IPO priced at $304.7mn, notifies $160mn placements

Exscientia prices IPO at $304.7mn, notifies $160mn placements

LONDON, UK: Frontier IP’s portfolio company Exscientia plc has announced today the pricing of its initial public offering (IPO) of 13.85 million American Depositary Shares (ADSs) at a public offering price of $22 per ADS. Exscientia has raised gross proceeds of approximately $304.7 million.

In addition, Exscientia announced the concurrent sale of an additional 7.272 million ADSs at the initial offering price of $22.00 per ADS, for gross proceeds of $160.0 million, in private placements to SVF II Excel (DE) LLC, or Softbank, and the Bill & Melinda Gates Foundation.

The offering is expected to close on or about 05 October 2021 subject to customary closing conditions and the ADSs of Exscientia are expected to begin trading on the Nasdaq Global Select Market on 01 October 2021. Each ADS represents one ordinary share in Exscientia.

The ADSs are expected to begin trading on the Nasdaq Global Select Market on October 1, 2021 under the ticker symbol “EXAI.” In addition, Exscientia has granted the underwriters a 30-day option to purchase up to an additional 2,077,500 ADSs at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on or about October 5, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities and Barclays Capital Inc. are acting as joint book-running managers for the offering.

Exscientia is an AI-driven pharmatech company committed to discovering, designing and developing the best possible drugs in the fastest and most effective manner.

Exscientia developed the first-ever functional precision oncology platform to successfully guide treatment selection and improve patient outcomes in a prospective interventional clinical study, as well as to progress AI-designed small molecules into the clinical setting.

Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services. A critical part of the Group’s work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.

The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.

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1 Oct, 8:27 am GMT+1 ·Disclaimer

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