Further to the announcement released on 27 September 2021, Frontier IP, a specialist in commercialising intellectual property, notes that its portfolio company Exscientia plc (“Exscientia”) has announced today the pricing of its initial public offering of 13,850,000 American Depositary Shares (“ADSs”) at a public offering price of $22 per ADS. Exscientia has raised gross proceeds of approximately $304.7 million.
In addition, Exscientia announced the concurrent sale of an additional 7,272,727 ADSs at the initial offering price of $22.00 per ADS, for gross proceeds of $160.0 million, in private placements to SVF II Excel (DE) LLC, or Softbank, and the Bill & Melinda Gates Foundation.
The offering is expected to close on or about 05 October 2021 subject to customary closing conditions and the ADSs of Exscientia are expected to begin trading on the Nasdaq Global Select Market on 01 October 2021. Each ADS represents one ordinary share in Exscientia.
A registration statement relating to these securities became effective on September 30, 2021 and can be accessed here.
From admission, Frontier IP will be interested in 1,564,800 ADSs in Exscientia. Based on the initial public offering price of $22 per ADS, Frontier IP’s holding is valued at $34.4 million.
The full Exscientia announcement is below.
Further announcements will be made by Frontier IP at the appropriate time.
Exscientia statement begins:
Exscientia Announces Pricing of $304.7 Million Upsized Initial Public Offering and $160.0 Million Concurrent Private Placements
OXFORD, England–(BUSINESS WIRE)– Exscientia plc (Nasdaq: EXAI), an AI-driven pharmatech company committed to discovering, designing and developing the best possible drugs in the fastest and most effective manner, today announced the pricing of its upsized initial public offering in the United States of 13,850,000 American Depositary Shares (“ADSs”) representing 13,850,000 ordinary shares at an initial public offering price of $22.00 per ADS, for total gross proceeds of approximately $304.7 million. All ADSs sold in the offering were offered by Exscientia. The ADSs are expected to begin trading on the Nasdaq Global Select Market on October 1, 2021 under the ticker symbol “EXAI.” In addition, Exscientia has granted the underwriters a 30-day option to purchase up to an additional 2,077,500 ADSs at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on or about October 5, 2021, subject to customary closing conditions.
In addition to the ADSs sold in the public offering, the Company announced the concurrent sale of an additional 7,272,727 ADSs at the initial offering price of $22 per ADS, for gross proceeds of $160 million in private placements to SVF II Excel (DE) LLC, or Softbank, and the Bill & Melinda Gates Foundation. The sale of these ADSs will not be registered under the Securities Act of 1933, as amended, and will be subject to a 180-day lock-up agreement.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities and Barclays Capital Inc. are acting as joint book-running managers for the offering.
A registration statement relating to these securities became effective on September 30, 2021. The offering will be made only by means of a prospectus. When available, copies of the final prospectus related to the offering can be obtained from any of the joint book-running managers for the offering: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526, facsimile: 212-902-9316, e-mail: prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by telephone at 866-718-1649 or by email at prospectus@morganstanley.com; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or email: dg.prospectus_requests@bofa.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-888-603-5847 or by email at barclaysprospectus@broadridge.com. For the avoidance of doubt, such prospectus will not constitute a “prospectus” for the purposes of the Regulation (EU) 2017/1129 and has not been reviewed by any competent authority in any member state in the European Economic Area or the United Kingdom.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”). Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the EEA, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to and will only be engaged with (i) in the United Kingdom, relevant persons, and (ii) in any member state of the EEA, Qualified Investors.
Exscientia statement ends
