4basebio raises £40m growth capital

In addition to working capital, the net proceeds will be used to support and expand the company's operations including building out business development and commercial functions, enhancing infrastructure, driving continued innovation in new DNA modalities and supporting geographical expansion.

Elevage Medical Technologies, a Patient Square Capital platform, and Prudential’s M&G Investment Management Limited (M&G) backed the raise and will together hold 29.9 per cent of 4basebio's issued ordinary shares.

Dr Heikki Lanckriet, CEO and CSO at 4basebio, said: “The evolution of the group since its spin out at the end of 2020 has been profound. Our client base and pipeline has grown significantly as a result of strong interest in our synthetic DNA products and we expect client acquisition and revenue generation to continue accelerating.

“The capital raise will further drive the momentum of the company and I am pleased to see Elevage and M&G join our shareholder register.”

John Marotta, Executive in Residence, Patient Square Capital, said: “This investment reflects strong conviction in synthetic DNA's potential to advance novel healthcare treatments and its place as a significant part of the cell and gene therapy market.

“We are well aligned with the team at 4basebio and eager to help them reach their next phase of growth with this investment.”

M&G Portfolio Manager, Jeremy Punnett, added: “The UK has a wealth of innovative deep tech firms that are breaking the mould, but it is vital they get the long-term investment they need to become the next global champions.

“M&G's Crossover strategy is playing a leading role in helping businesses to scale and thrive by providing expertise and patient capital.

“We are delighted to partner with Elevage in supporting 4basebio's pioneering work in synthetic DNA, which underpins the development of cell and gene therapies and offers the potential to transform healthcare and save millions of lives.”