King's, Invesco cash in on Proximagen

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King's College London and Invesco's leading fund manager Neil Woodford were among the big winners this week as the UK drugs developer Proximagen was snapped up by its US partner in a deal worth up to £356.8m.

Upsher-Smith, a 17 per cent shareholder and commercial partner of Proximagen since 2008, is buying the firm to boost its pipeline and research and development capacity.

The shares jumped 21 per cent to 335p and the acquisition sees King's 3.5 per cent stake valued at a potential £12.5m, while Mr Woodford's Invesco, the biggest shareholder with 26.8 per cent, lands up to £96m.