UK tech hit hard as Immunocore floats in New York

BBritish biotech firm Immunocore has chosen the United States for its next successful float, even as the UK scrambles to attract business to London.

Immunocore, which is based in Abingdon near Oxford, said it plans to raise up to $ 100 million in an initial public offering on the Nasdaq.

The company, which develops eye cancer therapies and was part of Neil Woodford’s investments, said it confidentially filed documents for the float in November. He named the investment banks Goldman Sachs, JP Morgan and Jefferies.

News of its intention to float comes after the company received last week that it had raised an additional $ 75 million in cash, bringing its raised total to $ 873.2 million.

The decision to pick the United States is expected to be a blow to the UK, just weeks after executives from some of the UK’s most promising tech companies were invited to a meeting with Boris Johnson. on how to make the UK a more attractive place to list.

A review is also underway by the Treasury to attract innovative companies to list in London. Reports released on Monday suggested the London Stock Exchange was pushing the government to cut the time it takes for companies to go public in the UK.

Bloomberg said the move would still allow analysts to get a feel for the companies.

Plans to shake up the listing regime follow a number of leading tech companies choosing the United States, including UK fashion website Farfetch.

Documents from chip designer Graphcore seem to suggest that he is also considering listing in the United States.

However, there has been recent progress in attracting tech companies, with Deliveroo and Darktrace gearing up for floats on the London Stock Exchange. The pair are both expected to join the exchange in April in hit floats.

Deliveroo, for example, could reach a valuation of £ 8 billion, becoming the biggest new listing in London in a decade.

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