September 14, 2015 / 6:51 AM / 4 years ago

Drug "repurposing" specialist Acacia plans London IPO

LONDON, Sept 14 (Reuters) - Acacia Pharma, a specialist in finding new uses for existing medicines or “repurposing” them, said on Monday it planned to float in London, marking a further boost for British pharmaceutical and biotech fundraising.

The group, founded in Cambridge, England in 2007, said it expected its shares to start trading on the main market of the London Stock Exchange in October.

It did not say how much money it planned to raise but the Financial Times, quoting people familiar with the plan, said the aim was for about 150 million pounds ($232 million). That would make it the second-biggest pharma initial public offering (IPO) in London since 2005, behind the 200 million pounds raised by Circassia Pharmaceuticals last year.

The move follows plans announced last week by Britain’s Shield Therapeutics and Finland’s Faron Pharmaceuticals to float in London.

$1 = 0.6472 pounds Reporting by Ben Hirschler

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