Redmile buys additional 12.67% of Redx

The firm's special purpose vehicle RM Special Holdings 3 will acquire approximately 24 million ordinary shares for 15.5 pence per share.

Upon completion of the transaction, Redmile will own around 110,589,000 Redx shares, representing 58.2% of the company.

US-based healthcare investor Redmile is currently drawing equity from Redmile Biopharma Investments I, which closed on $218.27m in July 2018.

Previous funding
The Northwest Regional Development Agency, Jon Moulton and the European Commission invested £1.9m in Redx in 2010. The Regional Growth Fund then provided a grant of £4.7m in 2012.

The company raised £10m from its IPO on the AIM segment of the stock exchange in 2016.

In 2017, Seneca Partners increased its stake in Redx by 4.02% with the acquisition of 5.1 million shares. Based on the closing price, the stake was valued at £1.924m.

Later that year, the company received a $1m grant from Carb-X.

In February 2020, Redmile and Sofinnova Partners agreed to provide £26.3m in the form of convertible loans and short-term funding to the company.

Company
Redx Pharma is a drug discovery and development company formed in 2010. It is focused on improving the characteristics of existing drug classes to create new drugs in the areas of cancer, infection and autoimmune disease. Based in Macclesfield, it operates three subsidiaries: Redx Oncology, which launched in April 2012; Redx Anti-Infectives, launched in April 2013; and Redx Immunology, launched in May 2015.

For the year ending on 30 September 2018, the company reported an operating loss of £10.1m from revenues of £129m.

People
Redmile Group – Jeremy Green (founder, portfolio manager).

Advisers
Equity – Spark Advisory Partners (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Healthcare
• healthcare
• United Kingdom
• Secondary purchase