Horizon Discovery Goes Public
The company’s stock price closed up 12% on March 31 from the IPO. Contract research services, cell line and reagent products, and leveraged R&D payments accounted for 43%, 38% and 19% of 2013 revenues, respectively (see page 12).
Cambridge, UK 3/24/14 Cambridge, UK 3/27/14—Gene editing technology firm Horizon Discovery has raised £68.6 million ($113.1 million = £0.61 = $1) in its IPO, resulting in gross proceeds of £40 million ($66 million), prior to listing its shares on the UK’s AIM stock exchange on March 27 (see IBO 2/28/14). The firm started trading at a price of 180 pence ($0.30) per share, with a market capitalization of £120.5 million ($198.6 million). Horizon plans to use the proceeds to increase awareness of the company, expand sales and distribution channels, grow its product lines, further leverage R&D opportunities, expand its intellectual property portfolio and acquire additional sales channels.
