Imperial et al. back Polytherics and Antitope merger

Ellie Pullen
29 July 2013

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Imperial Innovations, Mercia Fund Management, Catapult Venture Managers and Invesco Perpetual have provided ТЃ13.5m for the takeover of Antitope by UK-based biotechnology firm Polytherics.

Invesco provided £7m to the round while existing Polytherics investor Imperial committed £3m, bringing the total amount injected into Polytherics by the latter to approximately £7m. Imperial now holds a 25% stake in the company.

Catapult invested in the merger via the Advantage Enterprise and Innovation Fund, a £20m venture capital vehicle that had previously invested in Polytherics alongside Imperial.

Antitope will be absorbed into Polytherics to become part of a new, enlarged Polytherics Group. The fresh financing will fund the merger and provide working capital to the group. The merger was also designed to provide the two formerly separate companies with a stronger client base and a broadened technology platform, allowing for greater expansion.

Polytherics was founded in 2002 and is headquartered in London. The company develops technology for the pharmaceutical industry, including drug conjugation, immunogenicity screening, antibody and protein re-engineering and cell line development.

Previous funding
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.

Company
Founded in 2004, Antitope is headquartered in Cambridge and will retain its base there following the merger with Polytherics. The company provides technology that is designed to aid in immunogenicity prediction, antibody humanisation and the engineering of therapeutic proteins. Antitope works in partnership with pharmaceutical and biotechnology firms to develop and provide custom-made technology.

People
John Burt is the CEO of Polytherics. Matthew Baker will retain his role of chief scientific officer at Antitope. Nigel Pitchford, a managing director for healthcare venture at Imperial, already sits on Polytherics' board of directors.