Woodford cancer treatment holding jumps 51%

Neil Woodford has seen his stake in an unquoted cancer treatment company jump $35.4m in his investment trust as it announces pricing on its initial public offering.

Woodford traders hint at a liquidity problem

Autolus is the eighth largest holding in the Woodford Patient Capital Trust, representing 4.7% of the portfolio.

It has been priced at $17.00. Woodford Patient Capital Trust will retain a stake of 15.9% following IPO via 6.2 million American Depositary Shares (ADSs).

It will list on the Nasdaq Global Select Market.

Currently, the investment trust holds 8.8 million shares, which jumped 51% to $104.7m on the pricing.

The biotechnology company also represents a 0.15% stake in Woodford’s flagship Equity Income fund.

Alphabet’s venture capital arm Google Ventures is also a significant investor, alongside Arix Bioscience and Syncona.

Woodford has held the company in both his closed and open-ended funds since March 2016.

Autolus, founded in 2014 based on technology pioneered at University College London, is currently classed as a UK holding, but will become a US holding on its US listing.

The Woodford Patient Capital Trust annual report in April said Autolus is developing treatments for cancer patients suffering from blood-related cancers such as lymphoma and myeloma.

According to a filing with US Securities and Exchange Commission (SEC), the company has five products in the pre-clinical stage and seven at stage one or two in the four-stage clinical trial process.

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