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Conviction Life Sciences pushes back IPO to end-January


Conviction Life Sciences Company (CLSC), the Guernsey-based biotech and pharmaceutical investment fund is planning to list on the Main Market of the London Stock Exchange has pushed back its listing date, extending the offer period for its IPO to 31st January 2023.

As reported yesterday CLSC was due to list on 16th December, trading under the ticker LON:CLSC and planning to raise GBP100m to invest in a portfolio of 20 to 40 positions in public and private companies across the spectrum of life sciences, targeting technologies in diagnostics, therapeutics, and pharmaceuticals.

However, according to a statement the company published this morning (13th December): “[…] a number of prospective investors have asked for more time in order to complete the due diligence required which, given the convergence of the marketing period with the upcoming Christmas holiday season, has led the board, in consultation with the investment manager, to extend the close of the initial issue to January 2023.”

The final date for the close of the Initial Issue will be extended from 13th December 2022 to 31st January 2023

In the statement, Geoff Miller, chairman said: “We have received positive feedback from a large number of investors to date, including retail investors via the Intermediaries Offer. However, the fast-approaching Christmas break and specific feedback from several potentially significant investors, has persuaded the board that an extension is appropriate. The board continues to have every confidence in the investment manager and the proposition and looks forward to the close of the initial issue in 2023.”

The new anticipated initial admission date will be 3rd February 2023. The initial issue will raise funds for CLSC to deploy: “in the compelling structural investment opportunity that the directors believe is presented by the global life sciences and medical technology markets.”

The company will invest in both publicly traded and private companies and target an annualised Total NAV Return of 20% over the long-term.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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