VC-backed Abzena plans flotation

Ellie Pullen
20 June 2014

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Abzena, the parent company of Polytherics and Antitope backed by several investors, has announced its intention to list on the AIM of the London Stock Exchange.

Abzena was formed in July last year through the takeover of Antitope by Polytherics, which was funded by a £13.5m commitment from Imperial Innovations, Mercia Fund Management, Catapult Venture Managers and Invesco Perpetual.

The company has not yet announced the amount it plans on raising. Cenkos Securities has been appointed adviser and broker for the flotation.

Polytherics was backed by several investors prior to the takeover of Antitope. Imperial, Beringea and YFM Equity Partners provided Polytherics with £2.15m in September 2011. Prior to this, in February 2010, Imperial and YFM committed £3m to the company – £2m of which was provided by Imperial – alongside Longbow Capital. In June 2007, Imperial, Longbow and YFM completed a £2.3m round for Polytherics.

Polytherics later performed another bolt-on: in June 2012, the company acquired Warwick Effect Polymers from its backers – Catapult, Oxford Technology Management and West Midlands Enterprise – as well as the company's management.

Abzena is headquartered in London, with Antitope's base located in Cambridge and Polytherics' in London and Coventry. The group's headquarters are soon to be relocated to Antitope's base in Cambridge.

The business provides services for biopharmaceutical research and development, such as immunogenicity assessment, cell line development and antibody drug conjugates.

The company generated £5.8m in aggregate revenues for the year ending in April, which was calculated as though Antitope had been acquired by Polytherics in April last year. Abzena currently employs 83 staff. John Burt is its CEO.