Hi-tech, biotech and engineering transactions showed the versatility of the Cambridge UK business, science & technology cluster in a healthy transaction flow of more than $1.069 billion in June.
Despite caution over the EU Referendum, the June jamboree took the value of transactions to $106.123bn in the 39 months of Business Weekly’s Cambridge Deals Digest – a monthly average of just over $2.718bn.
Communications technology business Sepura backed an excellent set of full-year results by reporting that it had conditionally raised £65 million ($86.3m) through a placing of shares.
It will ease cashflow and help underpin bold expansion plans, notably in the United States. CEO Gordon Watling said: “The fundraising will significantly strengthen our balance sheet and provide the right capital structure to support our growth strategy.
“We see significant opportunities to build on recent success in the global transport sector such as New York City Transit, as well as grow our business in North America – the world’s largest PMR market. We also expect FY17 and beyond to benefit from our recent investment programmes. The board believes that the group is well positioned to exploit key growth markets.”
Engineering group Amec boasted the biggest deal of the month, winning a £75m ($99.6m) contract from the MoD related to the Royal Navy’s nuclear submarine fleet.
Property and construction transactions topped $107.9m while our old friend ‘undisclosed’ deals were easy enough to work out on industry averages, market caps and other factors and exceeded $397m.
Among them was the sale of sensor technology company Cambridge CMOS Sensors in a multi-million dollar deal to Austrian business ams to create a world leader in sensor solutions for consumer, automotive, industrial, and medical applications.
Another saw product design innovator Cambridge Consultants agree to acquire Synapse, a US West Coast business, to further increase its geographic presence for a growing global client base.
The acquisition, expected to be completed in Q3, will allow the combined business to create one of the world’s largest and most powerful product development hothouses with significant presence on both coasts of the US. It is part of Cambridge Consultants’ stated strategy to double its scale and enhance its geographic footprint in the US and Asia.
Cambridge inkjet printing business Xaar plc made a key acquisition in the US that could stack up to $18.5m. It has bought Engineered Printing Solutions in Vermont, a leading provider of product printing equipment in North America – the first acquisition in Xaar’s strategic vision to achieve £220m ($292m) of annual sales by 2020.
John Henry Group (JHG), a telecoms infrastructure services provider based in Cambridge, raised £23.3m ($31m) investment from Growth Capital Partners. Established in 1985, JGH has seen significant growth in recent years and today operates 10 sites across the UK, helping major telecom operators maintain and develop their broadband infrastructures.
Owlstone Medical in Cambridge closed a $7m fundraising to commercialise its disease breathalyser. The business was spun out of parent company, Owlstone Inc, by co-founder Billy Boyle to develop and commercialise the breath test for use in clinical diagnostics and precision medicine with applications in cancer, inflammatory and infectious disease.
The investment round was led by UK-based Medtekwiz Advisory and will be used to fund ongoing clinical trials of the breathalyser in lung and colon cancer screening.
Cambridge University spin-out Storm Therapeutics raised £12m ($16m) Series A cash to develop novel cancer therapeutics. The funds will be used to identify small molecules that target RNA-modifying enzymes as the basis for the development of new cancer therapies.
Babraham-based Imperial Innovations Group led the seed funding round for its portfolio company – formerly called Iceni Therapeutics – in May 2015 and has now committed a further £3m to the Series A alongside existing investors Cambridge Innovation Capital, Merck Ventures BV and Pfizer Venture Investments.
A US Federal authority supporting development of medical countermeasures for possible mass casualty incidents agreed to fund Avita Medical a further $7.96 million to support the regenerative medicine company in its plans for US market approval and product launch of its ReCell® technology.
Avita also announced it planned to another $8m fresh capital for its planned US launch and commercialisation strategy. Almost half the amount is already underwritten.
Cambridge wireless technology business Cyan agred to acquire Swedish smart metering specialist Connode Holding AB in a move that opens up growth opportunities with technology for the Internet of Things and smart cities. The $17m transaction value comprises a placing and subscription plus the equity consideration of the acquisition.
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