Business Weekly newspaper

Cambridge biopharma company AstraZeneca has delivered a thumping set of H1 and Q2 2024 results with all key metrics heading north. Total revenue was up 18 per cent to $25,617 million, driven by an 18 per cent increase in product sales and continued growth in alliance revenue from partnered medicines. Total revenue growth from Oncology, CVRM and R&I was 22 per cent across the board and rare disease return up 15 per cent. The interim dividend was hoisted 7c to $1.00 (77.6 pence, 10.79 SEK) and guidance for FY 2024 increased, with Total Revenue and Core EPS anticipated to grow by a mid teens percentage at CER (previously a low double-digit to low teens percentage). Pascal Soriot, Chief Executive Officer, AstraZeneca, said: “Building on our strong growth in the first half of the year and continued underlying demand for our medicines we are upgrading our FY 2024 guidance for both Total Revenue and Core EPS. “At our Investor Day in May we set out a new revenue ambition to deliver $80 billion of Total Revenue by 2030. This is a clear reflection of the substantial growth potential we see from both our approved medicines and those in our late-stage pipeline. “Already this year we have announced five positive, potentially practice-changing Phase III studies that are anticipated to meaningfully contribute to our growth. “In the year to date we have continued to make encouraging progress with several disruptive technologies, including antibody drug conjugates, bispecifics, cell and gene therapies, radioconjugates, and weight management medicines, all of which have the potential to drive our growth beyond 2030.” Article – https://lnkd.in/ekySGezZ

Cambridge biotech, CellCentric, has worked another magic spell with its latest high profile raise. The Chesterford Research Park based business has reaped a fresh $35 million from US backer RA Capital Management. The funding will support the continued development of CellCentric’s oral drug inobrodib, a first-in-class p300/CBP inhibitor to treat multiple myeloma. Alongside the conversion of a loan note from Pfizer made last year to $25m equity, the American Cancer Society’s impact investment and innovation arm, BrightEdge, has also made an additional investment in CellCentric. It all amounts to $60m. The investment in total will be used to complete clinical testing in alignment with FDA requirements prior to Phase III trials. CellCentric has now raised a total of $135.6m. CellCentric CEO Will West said all the investments charted were “testament to the quality of the data generated to date.” He said: “There is a pressing need for easy-to-administer therapies to complement other available therapeutic options. We must serve the widest possible communities of patients and as an oral, well tolerated drug that can be taken at home, inobrodib has an important role to play.” Laura Stoppel, Principal at RA Capital Management, who joins CellCentric’s Board, said: “We are thrilled to support CellCentric as it heads towards registration studies. The progress in multiple myeloma treatment is undeniable but the reality is stark, many patients still face relapse and die from the disease. Inobrodib’s mechanism of action holds new promise of extending and improving the lives of a broader patient population.” Alice Lin Pomponio, vice-president of innovation and impact investing and managing director of BrightEdge - American Cancer Society added: “It’s vital that we support the development of novel drugs like inobrodib that are intended to address unmet need and inequities in care. We are delighted to be a part of the program’s continued advancement and look forward to seeing the improvements in patient outcomes with the potential to have a real-world impact.” Full article – https://lnkd.in/e4ZsaJkA

Cambridge facilities in the portfolio of GrowUp Farms will benefit from a £38 million investment in the UK group by CleanTech funder Generate Capital. The company reveals that the cash injection will help expand capacity at GrowUp’s Kent vertical farm, accelerate the group’s leadership of the UK salad category, support the Unbeleafable and Fresh Leaf Co. brands, drive R & D at GrowUp’s Leaf Lab site at the heart of the Bourn Quarter in Cambridge and increase GrowUp’s influence as a certified B Corp. The new funding extends Generate Capital’s existing partnership with GrowUp, following an initial financing in 2021 that enabled the business to prove its energy-efficient growing system and start converting a five-acre brownfield site into the equivalent of 1,000 acres of grade 1 farmland in Kent. Marcus Whately, CEO of GrowUp, says: “This investment is a fantastic boost to GrowUp and recognises the team’s passion and talent. We partnered with Generate Capital because, as a $10 billion sustainable infrastructure investor with a mission to ‘rebuild the world together’, Generate Capital aligns with our ethos. “With Generate Capital’s support, we have proved that vertically farmed salads are sustainable, cost competitive, and commercially viable, as well as tasty, healthy and long lasting. Together we can unlock a new salad category and meet growing consumer demand.” Generate Capital’s CEO and co-founder Scott Jacobs added: “GrowUp is one of the UK’s most exciting and innovative vertical farming operations, experiencing nearly 800 per cent sales increase year over year. Its ability to quickly earn the trust of the UK’s largest retailers shows the appeal of its product lines, the strength of its team and the company’s ability to meet rising consumer demand for healthy, locally grown food.” GrowUp Farms was founded by Kate Hofman and Tom Webster in 2013 in a small unit in London where they created a controlled environment to grow salad leaves that they supplied to Borough Market and London restaurants. Full article – https://lnkd.in/e3byijPT

Luton-based easyJet is helping engineering giant Rolls-Royce test hydrogen fuel as a stride closer to net zero aviation with the support of technology from Tata Group. Rolls-Royce says it has broken ground on a “truly unique” engine site to perform outdoor, full-scale gas turbine hydrogen testing. Conducted in partnership with easyJet, the research will be developed at NASA’s Stennis Space Center in Mississippi. The testing will demonstrate the integration of technologies required for 100 per cent hydrogen fuel operation on a modified Rolls-Royce Pearl 15 engine. Tata Consultancy Services (TCS) is providing engineering expertise to Rolls-Royce to help achieve this milestone. This will be the third Rolls-Royce test stand at Nasa Stennis Space Center, expanding a relationship with NASA that goes back decades and includes joint research on a variety of aerospace technologies. Deborah Robinson, Director – Test & Experimental Engineering for Rolls-Royce, said: “Rolls-Royce is at the forefront of developing technologies that will be needed to reach net zero by 2050. We are excited to partner with other global leaders like easyJet and NASA to explore the viability of aviation decarbonisation through the introduction of hydrogen as an alternative fuel.” David Morgan, Chief Operating Officer at easyJet, added: “It’s a truly remarkable feat to – in just a few short years – go from conceptual design stage to full engine testing with 100 per cent hydrogen, helping take us a step closer to our vision of operating zero-carbon hydrogen-powered aircraft technology in the years to come.” The testing scheduled for NASA Stennis represents the culmination of a comprehensive, global program set out to prove that hydrogen can safely and efficiently deliver power for aerospace engines. Full article – https://lnkd.in/e4EaBC-q

Cambridge Judge Business School has been recognised for its commitment to gender equality by being awarded the coveted Athena Swan Bronze award for the first time. The Athena Swan Charter, established in 2005 by Advance HE’s Equality Charters, is a global framework to transform gender equality within higher education and research. Initially devised to advance the careers of women in science, technology, engineering, maths and medicine (STEMM), the Charter has since been expanded to address inequality more broadly. Professor Gishan Dissanaike, Interim Dean of the Business School, said: “Cambridge Judge Business School is thrilled to be awarded this prestigious Athena Swan Bronze award, which recognises the dedication throughout the School to ensure gender equality. We are working hard to provide an inclusive and welcoming workplace, and this award clearly reflects these efforts. “Cambridge Judge will continue to work tirelessly over the initial five years of this award implementing our Action Plan to enhance gender equality and inclusion more broadly.” Manaz Javaid, the Business School’s Equality, Diversity and Inclusion Manager who served as Athena Swan Project Manager, and Vice-Dean Jane Davies, who chaired the School’s Self-Assessment Team, said: “We would like to recognise the work of the Cambridge Judge Self-Assessment Team (SAT), which comprised representatives from across the Cambridge Judge community. SAT members contributed their valuable input, feedback and guidance throughput the process and in building the Action Plan. “It has been truly rewarding to see the motivation, drive and input from everyone involved in shaping the school's drive for gender equality.” Full article – https://lnkd.in/eeiS9sxT

Cambridge’s globally influential quantum computing unicorn Quantinuum has been courted by Singapore to jointly engineer game-changing progress in the space. Quantinuum will establish an R & D hub in Singapore as part of the collaboration. Singapore’s National Quantum Office (NQO), A*STAR - Agency for Science, Technology and Research, National University of Singapore (NUS), National Supercomputing Centre (NSCC) Singapore and Quantinuum have signed a significant MoU outlining the new strategy. It grants access to Quantinuum’s advanced quantum computer and licence to explore and collaborate on quantum computing use cases focusing on computational biology. The parties have agreed to leverage Quantinuum’s H-Series and Helios quantum computers to promote joint Research & Development activities in various quantum computing applications. Helios is Quantinuum’s next generation quantum processor that could exponentially increase the computing power of quantum computers.  The parties will also collaborate on developing hybrid computing solutions that include both classical and quantum computing infrastructures, leading to the creation of long-term strategic roadmaps. The MoU also enables collaborations in training and outreach through seminars, workshops and bespoke programmes to nurture quantum talent and contribute towards Singapore’s growing quantum community. Dr Rajeeb Hazra, CEO of Quantinuum, said: “Our collaboration underscores our commitment to advancing global quantum computing. By harnessing our cutting-edge H-Series quantum computers and leading quantum application software stack we aim to pioneer transformative use cases in computational biology and life sciences, catalysing innovation across industries. “Establishing an R & D hub in Singapore enhances our dedication to fostering a vibrant quantum ecosystem, driving scientific excellence, and nurturing top quantum talent. Together, we aim to make significant strides in quantum technologies, supporting Singapore's ambition to lead in the rapidly evolving technological landscape.” Full article – https://lnkd.in/eMqz_ZKR

Medovate, a Cambridge-based medical device development company, has secured a distribution agreement with Germany headquartered Temena Group which sets up a potential sales boom across a key region of Europe. The deal provides the distribution rights for Medovate Limited’s SAFIRA ® (SAFer Injection for Regional Anaesthesia) across Germany, France, Italy and Spain. The SAFIRA® system has been developed by Medovate in collaboration with anaesthetists in the NHS and has been designed to help revolutionise standard regional anaesthesia clinical practice and promote patient safety. Stuart Thomson, Vice-President of Business Development, Medovate Limited said: “I am delighted to have reached agreement with Temena who share our mission to make innovative and high-quality medical devices available to healthcare providers and medical professionals. “Their proven track record and focus on innovative regional anaesthesia products makes them a natural fit as a distributor partner for our exciting technology developed with NHS clinical innovators. This new partnership means that the clinical, patient safety and cost saving benefits that the SAFIRA® system offers will now be available to regional anaesthetists across parts of Europe.” Monica W., Temena’s General Manager added: "We have always paid great attention to doctors and anaesthetists’ needs and feedback and that is why we are honoured to provide them with this revolutionary technique. “Temena has a long tradition in supplying Europe and the world with innovative solutions in regional anaesthesia and products that create benefits for clinicians and their patients; the addition of the SAFIRA® system aligns perfectly with this tradition and allows us to keep improving patients’ quality of life.” Full article – https://lnkd.in/eGksqU8z

Broken String Biosciences, a Cambridge genomics company driving development of nextgen cell and gene therapies, has recruited experienced global life sciences executive Steve Becker as Chief Commercial Officer. He is tasked with guiding the expansion of the company’s commercial operations and implementing a robust go-to-market strategy for its Next-Generation Sequencing (NGS)-based DNA break-mapping platform, INDUCE-seq®. The company, based at the Wellcome Genome Campus, is seeking to further strengthen its position across key markets. Following close of a $15 million Series A round in 2023, Broken String Biosciences has been focused on delivering an ambitious expansion strategy and revenue growth, including several high-profile leadership appointments. Becker will direct the commercialisation strategy for the INDUCE-seq platform to ensure it meets the unique needs of the emerging cell and gene therapy market, including development of a scalable ‘Platform as a Service’ offering and extension of the technology’s capabilities beyond gene-editing. He will lead the global sales and marketing teams, business development function, and technical support operations, including building the company’s US commercial operations to nurture its growing network of customers and commercial partners. He joins from Thermo Fisher Scientific, where he led the licensing and commercial supply channel for the Genetic Sciences and Clinical Oncology NGS divisions, responsible for building commercial partnerships and managing large contract deals to expand the company’s global customer base. Broken String co-founder and CEO Felix Dobbs said: “We’re delighted that Steve is joining us to lead the Company’s commercial activities based out of Boston MA. As we enter our next stage of commercial growth and focus on establishing broad adoption of the INDUCE-seq platform, Steve’s support will be pivotal in executing the successful launch of our commercial offering, as well as establishing strong partnerships with leading academic and industry players in the genomics and cell & gene therapy markets.” Full article – https://lnkd.in/efPHrFad

Work has begun to convert the former Taylor Vinters building at Merlin Place in north Cambridge to dedicated life science space. The scheme is the mastermind of Kadans Science Partner, a leading investor in the development of ecosystems and real estate with a dedicated focus on knowledge-intensive sectors. Construction work has started on the 139,000 sq ft development, which is expected to complete in 2026. It will feature six storeys of state-of-the-art lab and office space, allowing for full flexibility for a single- or multi-tenant split. It has been designed to become the ‘Gateway Building for the Cambridge North Cluster’ and a specialist hub for health, life science and technology companies of different sizes. Merlin Place is the latest addition to Kadans’ Cambridge portfolio, which also includes a site at the Babraham Research Campus. Katie Nelson, Head of Leasing UK & Ireland, Kadans Science Partner, said: “As we look to address the current lack of available purpose-built facilities in Cambridge, we are working closely with health, life science and technology companies to understand their specific requirements and provide bespoke laboratory solutions that align. “We are very proud to extend our footprint in Cambridge and support the continued growth of the life science sector here, a vital part of the UK ecosystem. “Our aim is to provide best in class amenities and the highest quality lab facilities and office spaces. This project is particularly exciting because the location, scale, and specification will position Merlin Place among the best assets in the region.” Article – https://lnkd.in/dE2QnaeP

Business advisory firm FRP, which has facilities across the East of England, increased revenue by 23 per cent to £128.2 million in the year to April 30. Adjusted underlying EBITDA rose by 37 per cent to £37.1m and pre-tax profit soared to £29.9m from £15.6m. FRP Advisory reports a strong balance sheet with year-end net cash of £29.7m – up from £22.9m last time. FRP has local offices in Cambridge, Norwich, St Albans and Brentwood. The company increased dividend payments on the back of the stirring performance and says the short and medium-term outlook for the business “remains positive and management are confident of continued progress.” CEO Geoff Rowley, said: “The group made excellent progress in the financial year, growing revenues and profits for the 13th consecutive year as we remained focused on the execution of our proven strategy: achieving strong organic growth, supplemented by selective acquisitions. “All five of our pillars made a positive contribution in the year. Our restructuring team continued to be the most active in the UK administration appointment market, FRP Corporate Finance was ranked as the 24th most active financial adviser in the UK M & A market, and our Forensic Services team was very active on both a high number of confidential projects as well as several high-profile mandates for listed businesses. “Trading for the first full year of the combined Financial Advisory pillar has been positive, with heightened activity across all service lines. “In the new financial year, activity levels across all our locations and pillars are encouraging, with trading in line with the Board’s expectations. Our M & A pipeline also remains healthy, giving us confidence of making further positive progress against our strategy.” Article – https://lnkd.in/dpAmDtHK