Expanding IP

With its second major capital raise in the past 15 months, IP commercialization company IP Group plc (LSE:IPO) plans to grow its new U.S. business and expand its biotech portfolio.

On March 10, IP Group announced plans to raise £128 million ($189.1 million) through the sale of 56.9 million shares at 225p, a discount of about 7% from the stock's close of 240.9p on March 9. If shareholders approve the deal, it is expected to close on March 27. The offering follows a £100 million ($164 million) financing last year that coincided with the group's acquisition of fellow IP commercialization company Fusion IP plc (see BioCentury, Jan. 27, 2014)...