VC-backed Horizon Discovery plans £25m IPO

Ellie Pullen
28 February 2014

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Horizon Discovery Group, a Cambridge-based biotech backed by DFJ Esprit and Roche Venture Fund among others, is planning to raise ТЃ25m in its IPO on the AIM segment of the London Stock Exchange.

Alongside DFJ Esprit and Roche, the company is also backed by MVM Life Science Partners, Calculus Capital and Providence Investment Company, according to unquote" data.

The offering comprises both new and existing shares in Horizon Discovery. Panmure Gordon has been appointed as nominated adviser and broker for the flotation.

Horizon Discovery first received £150,000 in seed funding in 2008 from Cambridge Enterprise Seed Funds and AbCam. This was followed in September 2010 by a £6.25m funding round led by DFJ Esprit, with participation from Roche and private investors.

In September 2011, MVM led an £11.3m round for the company alongside DFJ Esprit, Roche, Providence and private investors Jonathan Milner, David Evans, Peter Collins and David Cleevely.

In June last year, the company secured a further £6.9m from DFJ Esprit, Roche, MVM and Providence, as well as new backer Calculus.

Horizon Discovery's plans have come shortly after the announcement that Oxford-headquartered allergy treatment developer Circassia is planning to raise up to £175m in an IPO on the LSE – an offering that would give the company a market cap of more than £500m.

Cambridge-based Horizon Discovery was founded in 2005. The company has developed a translational genomics platform, Genesis, which provides a set of gene-editing tools.

Horizon Discovery supplies its research tools to organisations that operate within the field of genomics research and the development of personalised medicines. It claims to have an 800-strong client base.

The company employs 80 staff and recorded revenues of £6.6m in 2013, a 70% increase from 2012. Its CEO is Darren Disley.