Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Woodford plans to pour £30m into struggling Irish biotech firm

Woodford plans to pour £30m into struggling Irish biotech firm

Neil Woodford has expressed an interest in investing $50 million (£30 million) in an Irish biotech firm as part of a $100 million (£59 million) fundraising.

Prothena Corporation, a clinical stage biotechnology specialist focused on antibody development, is planning to use the proceeds for ongoing research and development purposes.

Shares in Prothena, which is headquartered in Dublin but traded on the Nasdaq, have plunged by 50% over the past three months after its latest trial data proved less positive than investors had hoped.

Despite this Prothena has reported a strong start to the year, with net income of $17.9 million (£10.5 million) in the first quarter compared with a net loss of $9 million (£5.3 million) in the equivalent period of 2013. It also has $195.1 million (£115 million) of cash on its balance sheet and no outstanding debt.

Citywire A-rated Woodford (pictured) has already begun populating his new fund’s portfolio with several other biotech businesses.

Leave a comment

Related Fund Managers

Neil Woodford
Neil Woodford
24/73 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 46.52%
Citywire TV
Play BlackRock UK Special Sits: when will we sell our star holdings?

BlackRock UK Special Sits: when will we sell our star holdings?

What would prompt Roland Arnold to sell the likes of Ashtead and Howden?

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: how Matthew Butcher is carving a new role at Dart Capital

Profile: how Matthew Butcher is carving a new role at Dart Capital

The wealth management industry is undergoing a profound period of change: whether it wants to admit it or not.

Wealth Manager on Twitter