Frontier IP (LON:FIPP), a specialist in commercialising university intellectual property, is pleased to provide an update on trading for the year ending 30 June 2019.
The Group has enjoyed a strong first half to the financial year and since the beginning of 2019 there have been a number of positive portfolio updates as previously announced by the Group. In addition, Frontier IP today announced that Exscientia, a world leader in AI-driven drug discovery, has secured a significant trade deal with Celgene Corporation. This, combined with other progress Exscientia is making, is expected to result in a substantial uplift in Frontier IP’s book value for its holding.
Whilst it is not possible for the Board to be certain on what the overall portfolio valuation will be at 30 June 2019 and progress of early and development stage businesses that constitute Frontier IP’s portfolio is inherently uncertain, based on the trading for the year to date and the outlook for the remainder of the financial year the Board anticipates that the outcome for the year ending 30 June 2019 will be ahead of management expectations.
The Group will be releasing its interim results for the six months to 31 December 2018 by end of March 2019.
Exscientia and Celgene enter three-year AI drug discovery collaboration to accelerate drug discovery in oncology and autoimmunity
Frontier IP (LON:FIPP), a specialist in commercialising university intellectual property, is pleased to note today’s statement from portfolio company Exscientia (“Exscientia” or the “Company) , a world leader in artificial intelligence (“AI”) drug discovery, announcing a three-year partnership with global biopharma company Celgene Corporation.
The collaboration to accelerate drug discovery in oncology and autoimmunity includes an initial US$25 million upfront payment to Exscientia. The Company is also eligible to receive substantial milestones based on the clinical, regulatory and commercial success of the programme, and is due to receive tiered royalties on net sales of any product. The full text of Exscientia’s statement is below.
Frontier IP holds a 3.32 per cent stake in Exscientia.
Frontier IP chief executive officer Neil Crabb said: “We’re delighted Exscientia continues to make such strong progress. Celgene joins an impressive list of collaboration agreements struck by Exscientia with global pharma groups, building on those already signed with Roche, GSK, Sanofi and Evotec.”