Source Bioscience to unveil £130m London float

Date posted: October 14, 2020

A Nottingham life sciences company that has been involved in processing thousands of daily Covid-19 tests is set to unveil plans for a £130m flotation.

Sky News says Source BioScience will raise up to £35m through a share issue that will be announced on Thursday.

Source Bioscience will use the cash double its testing capacity of 5,000 Covid-19 tests a day.

The company has been listed on the main market before, but was taken private in 2016 when it was bought by shareholders Harwood Capital and Continental Investment Partners -among others – in a £63m deal.

Source BioScience emloys 200 people and has its main laboratories on Nottingham Business Park. As well as Covid testing, it also carries out biopsy testing for the NHS and genomics and DNA testing, as well as storage for biotech companies.

The company also offers storage services for biotech companies.

Jay LeCoque, SourceBio International’s chief executive, told Sky News: “The IPO on AIM allows us to significantly increase our COVID-19 testing capacity, accelerate earnings growth in our core business and execute on potential M&A [merger and acquisition] opportunities.

“It’s an exciting time for our business and we’re delighted with the keen interest from investors we have seen so far.”

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