Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Woodford takes 19% stake in biotech minnow

Woodford takes 19% stake in biotech minnow

Neil Woodford, the best UK investor of his generation, has taken a big chunk of biotech minnow Synairgen a month after it licensed an asthma drug for a fee worth up to $225 million (£131 million).

Citywire A-rated Woodford went from below a reportable holding in the business to owning 19% in one purchase, or 17.45 million shares worth £9.07 million at a share price of 52p.

The manager - who has offered the best long-term risk-adjusted return of any UK investor - left Invesco Perpetual, his employer of more than 25 years, earlier this year to launch his own business.

Shares in Synairgen briefly spiked more than 40% in June following the announcement of the deal with AstraZeneca, before deflating as the company placed 12.2 million shares to fund development.

AstraZeneca will pay the company an up-front fee of $7.25 million with the remainder subject to expectations, in addition to royalties. Broker finnCap has a 108p target price on the business.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter