We are initiating coverage on Arix Bioscience following its February 2017 IPO that raised £113m. Arix is a new transatlantic life sciences portfolio company drawing from managerial expertise at all levels of the pharma industry to engage in opportunities ranging from seed investing to public equity. It draws on a network of deal sources established through agreements with academia, life science accelerators, other funds, and through partnerships with big pharma. The company is trading at a modest 5% premium to our initial asset valuation of £172m or 179p/share.

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