Announcement • Jun 24
The Railways Pension Trustee Company Limited cancelled the acquisition of remaining 81.62% stake in IP Group Plc (LSE:IPO) for approximately £500 million. The Railways Pension Trustee Company Limited proposed to acquire remaining 81.62% stake in IP Group Plc (LSE:IPO) for approximately £500 million on June 16, 2026. A cash consideration equivalent to £0.697 per share for each IP Group share, with the potential to receive up to an extra £0.05 per share in cash through the contingent value right will be paid by The Railways Pension Trustee Company Limited. Under the terms of the Possible Offer, the Total Value would comprise: (i) an offer price of £0.59 in cash for each IP Group share; (ii) a mechanism to enable IP Group shareholders to realize the value (net of costs and other expenses) of their pro rata share of the Company's shareholding in Oxford Nanopore Technologies plc ("ONT") which was valued at approximately £0.107 per IP Group share, based on the closing price for an ONT share of £1.165 on the last business day prior to this announcement; and (iii) a contingent value right of up to £0.05 per existing Company share (the "CVR"). Under the terms of the CVR, it is anticipated that IP Group shareholders would be entitled to participate in the value realized from any disposal of the Company's shareholding in Istesso (an "Istesso Disposal"). If an Istesso Disposal completes within 12 months following completion of the offer for IP Group and the gross sale proceeds attributable to IP Group's shareholding: (a) are equal to or more than £98 million in cash, it is anticipated that the CVR would deliver additional cash consideration of £0.03 per Company share; (b) are in excess of £200 million in cash, it is anticipated that the CVR will deliver additional cash consideration of £0.02 per Company share. The Total Value of the Possible Offer (excluding the CVR) could be greater or less than £0.697 per IP Group share depending on the share price performance of ONT.
The Possible Offer is subject to the satisfaction or waiver of the formation of the consortium referred; completion of confirmatory due diligence to the satisfaction of Railpen; and the unanimous and unconditional recommendation of the Possible Offer by the board of IP Group.
John Deans of N.M. Rothschild & Sons Limited acted as financial advisor for The Railways Pension Trustee Company Limited.
The Railways Pension Trustee Company Limited cancelled the acquisition of remaining 81.62% stake in IP Group Plc (LSE:IPO) on June 16, 2026.
The Offer has been rejected by the Board of IP Group. Announcement • Jun 19
IP Group plc Announces Termination of Sir Douglas Jardine Flint from Director Role, Effective June 18, 2026 IP GROUP PLC announced termination of a director appointment for Sir Douglas Jardine Flint. The date of termination was June 18, 2026. Announcement • Jun 16
Istesso Starts Phase 2 Clinical Trial Of Leramistat In Sarcopenia Istesso has commenced dosing in IST-03, a Phase 2 clinical trial of its lead candidate, leramistat, in patients with sarcopenia caused by rheumatoid arthritis. The randomised, double-blind, placebo-controlled study is evaluating the effects of leramistat on muscle quality, repair and function. Sarcopenia (muscle loss) is a significant and growing unmet need across ageing populations and multiple chronic diseases, for which no specific pharmacological therapies are available. The clinical study builds on prior rheumatoid arthritis data showing leramistat improved disability and fatigue alongside reductions in markers of muscle loss. This is supported by preclinical findings showing restoration of muscle quality in disease models and recovery of muscle mass, quality and function in aged animals to levels greater than those seen in baseline younger animals. The aim of the study is to show that it is possible to augment the human capacity to repair. Leramistat is the lead candidate from Istesso's novel class of Mitochondrial Complex I Modulators (MCMs), which have demonstrated the ability to induce adaptive tissue repair and regeneration across multiple tissues, including muscle, bone, gut and lung. Enrolment is currently underway at Newcastle University and Newcastle Hospitals, in conjunction with the National Institute for Health and Care Research (NIHR) whose specialist facilities and biopsy expertise include advanced imaging and analysis techniques that are ideally suited to delivering this innovative trial. IP Group has an undiluted holding of 56.5% in Istesso.