Wednesday, October 21, 2020

Nottingham COVID-19 testing firm to reveal £130m floatation

Nottingham-based Source Bioscience, which has been conducting thousands of tests for COVID-19 daily, is planning a £130m floatation, according to Sky News.

The company is looking to raise up to £35m through a listing expected to be announced on Thursday.

Part of the floatation proceeds are to be used to double Source Bioscience’s testing capacity of 5,000 Coronavirus tests a day.

The firm was previously listed on the main London market, but it was taken private by shareholders, including Harwood Capital and Continental Investment Partners, in 2016, in a £63m deal.

Speaking with Sky News, SourceBio International’s Chief Executive, Jay LeCoque, noted that the IPO on AIM would allow Source Bioscience to increase its COVID-19 testing capacity, accelerate earnings growth in its core business and execute on potential M&A opportunities.

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