Touchstone Innovations (IVO)

Business description

Touchstone Innovations is a technology transfer, incubation and venture investment company. It invests in ventures from Imperial College London, Cambridge and Oxford Universities and UCL. The majority of its investments are bio/med tech.

Stock data

Market cap.£545.7m
Last close338.50p
High / Low (52 weeks)467.9p / 280.0p
Stock market listingLN
Forecast net cash (£m)39.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual10.7(0.4)(14.9)
Relative *9.5(4.5)(27.5)

* % Relative to local index

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Company news

Touchstone Innovations PLC 29.4% Potential Upside Indicated by Jefferies ...

Tue, 21 Mar 2017 10:05:38 GMT

Touchstone Innovations PLC (IVO) Research Coverage Started at Jefferies Group LLC

Fri, 24 Mar 2017 10:30:00 GMT

Touchstone Innovations Invests Further GBP13.7 Million In Cell Medica

Thu, 16 Mar 2017 08:03:45 GMT

Imperial company looks to Texas for its next cancer innovations

Fri, 17 Jun 2016 07:01:39 GMT

Touchstone Innovations Invests Further GBP3.0 Million In Pulmocide

Mon, 20 Mar 2017 07:52:30 GMT

Investment summary

Strong newsflow in late 2016 capped a year of momentum for Touchstone Innovations (IVO). PsiOxus' $936m deal with BMS for its next-generation ‘armed’ oncolytic virus (NG-348) was the largest deal for any IVO portfolio company, leap-frogging Crescendo's $790m collaboration with Takeda. At end-FY16, IVO had c£198.3m available for portfolio investment (end-July cash of £148.3m and a £50m EIB loan). IVO invested £66.9m in 33 portfolio companies in FY16 (FY15: £60.8m across 30), including seven new accelerated growth companies. FY16 net fair value loss was £56.2m: an unquoted £10.7m net fair value gain and a quoted £66.9m net fair value loss (£54.8m loss attributable to Circassia). The unquoted portfolio continues to progress, showing growth through fair value gains and investment activity. The eight-strong oncology portfolio could be a source of potential uplift in future years as these companies mature and approach value inflection points.

Last updated on 02/03/2017

Y/E Jul Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 5.1 (8.2) (7.4) (5.4) N/A N/A
2016A 4.3 (9.8) (9.8) (6.7) N/A N/A
2017E 4.4 (10.3) (10.5) (6.5) N/A N/A
2018E 4.5 (10.9) (12.1) (7.5) N/A N/A

Last updated on 09/02/2017

Latest video

Executive Interview - Touchstone Innovations

Industry outlook

The investment case rests on the hidden portfolio value and the success of investments in maturing companies. There is potential for significant value creation if 'exits' (IPO/M&A/licensing) are achieved at valuations exceeding the typically modest carrying values.

Last updated on 02/03/2017

Key management

David Newlands, Chairman
Russ Cummings, CEO
Nigel Pitchford, Chief Investment Officer
Tony Hickson, Managing Director, Technology Transfer

Company address

7 Air Street
London
W1B 5AD
United Kingdom
+ 44 (0) 207 581 4949
View website