Bould Opportunities has acquired Cizzle Biotechnology Limited in a multi-million pound deal, and raised more than £2.2 million, conditional on shareholder approval. The combined entity will be listed on the Standard list and London Stock Exchange, with the support of Midlands law firm Shakespeare Martineau.
Cizzle Biotechnology, which is a spin-out from the University of York, is focused on patent protected technology for the early detection of lung cancer through the development of a blood test for the CIZ1B biomarker, and has been sold to Bould Opportunities in London for a total consideration of £21 million.
Bould Opportunities, a formerly AIM quoted company, was seeking acquisitions after disposing of its existing trading subsidiaries.
Allan Syms, chairman of Bould Opportunities, said: “I am delighted to have exchanged on the acquisition of Cizzle Biotechnology. I believe that the acquisition presents huge value for Bould Opportunities, with a technology looking to address an urgent clinical need. Shakespeare Martineau has been excellent in supporting us and Cizzle Biotechnology through the process, they understand our sector and have helped us get the best possible outcome for all stakeholders.”
Keith Spedding, partner and business transaction specialist at Shakespeare Martineau led the deal on behalf of Cizzle Biotechnology Limited, said: “The biotech industry is absolutely fascinating, we are seeing huge movements and rapid growth in this market as clinical need increases and technology and innovation races to keep up. It’s been a long journey but great to get this deal done which will allow Cizzle now to continue to develop its blood test for the benefit of many in the continuing fight against cancer.”
Helping to detect lung cancer early
According to Cancer Research UK, in 2018 there were 17 million new cases of lung cancer globally with cases expected to grow to more than 27 million by 2040.
Allan continued: “Lung cancer is incredibly hard to diagnose at an early stage as there are few clinical symptoms. However, I believe that Cizzle Biotechnology can provide a solution to this problem through the blood test it is developing for the early detection of a majority of the different forms of lung cancer.”
Allenby Capital Limited acted as financial adviser and Novum Securities Limited as broker.
Dominic Prentis and Richard Pull of Goodman Derrick acted for Bould.
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