Carmot Therapeutics distribution

Schroders Capital Global Innovation

13 February 2024

 

Schroders Capital Global Innovation Trust Plc

Carmot Therapeutics distribution

Schroders Capital Global Innovation Trust plc (the "Company") is pleased to announce that it has received a $5.6 million (£4.5 million) distribution due to the sale of Carmot Therapeutics Inc. (Carmot), a clinical-stage biotechnology company developing therapeutics for people living with metabolic diseases including obesity and diabetes, to global pharmaceutical company Roche. This distribution represents a fair value uplift of 221% relative to the last published holding value as of 30 September 2023 (£1.4 million) and before accounting for the potential value of future milestone payments.

In May 2023, the Company made a $1.7 million investment into Carmot, via Harbour 25, as part of its $150m Series E funding round to support development of Carmot's broad clinical-stage metabolic pipeline, including two phase 2 trials of CT-388, a once weekly, dual GLP-1/GIP receptor modulator for obese adults with and without type 2 diabetes. In December 2023, the Company announced that Carmot had entered into a definitive agreement to be acquired by Roche at a purchase price of $2.7 billion upfront and the potential for $400 million in future milestone payments.

This will be reflected in the Company's unaudited NAV per share, dated 12 February 2024, published later today.

Enquiries:

Schroder Investment Management Limited

​  ​Shilla Pindoria (Company Secretary)	0207 658 6000
​  ​Augustine Chipungu (Press)	0207 658 2106
​  ​John Spedding (Head of Investment Trusts)	0207 658 3206

 

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