The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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PureTech Health PLC, up 2.9% at 128 pence, 12-month range 103p-187.8p. The biotherapeutics company announces that its autoimmune disease-focused founded entity Vore Bio has entered an exclusive license agreement with RemeGen Co Ltd. The deal grants Vor Bio global rights, excluding China, Hong Kong, Macau and Taiwan, to develop and commercialise telitacicept. Telitacicept is a novel dual-target fusion protein which has regulatory approval in China to treat generalised myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis. Vor Bio will pay RemeGen some $125 million initially, consisting of $45 million upfront plus $80 million in warrants to purchase common stock with a 0.01 US cent per share exercise price. The deal also provides for tiered royalties and potential regulatory and commercial milestones exceeding $4 billion. Also, Vor expects to raise approximately $175 million gross through a private placement in public equity financing of pre-funded warrants. It intends to use the net proceeds to advance the development of its clinical pipeline.
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Regional REIT Ltd, up 2.3% at 120.1p, 12-month range 101.6p-160.6p. The London-based real estate investment trust has secured seven new lettings and eight lease renewals across its portfolio since May 15, when it issued its previous trading update. Says the transactions deliver over £1.6 million in total annual rental income and represent a 6.32% increase to estimated retail values. ‘This letting activity underscores the effectiveness of our capital expenditure strategy...The lease renewals also announced today reflect the quality of our existing properties and strong relationships with our occupiers,’ says Stephen Inglis, the head of asset manager ESR Europe LSPIM Ltd. ‘As demand continues to grow...and given the diminishing supply, Regional REIT is well-positioned to harness this momentum and deliver lasting value for shareholders, including the distribution of our attractive and fully covered dividend.’
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SMALL-CAP - LOSERS
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PZ Cussons PLC, down 3.3% at 73.75p, 12-month range 69.9p-107.4p. The Manchester-based Imperial Leather owner announces the decision to withdraw its St Tropez brand of self-tanning products from auction, and instead to retain the brand ‘and set a new strategic direction’. Expects to record a non-cash impairment reflecting St Tropez’ ‘recent performance’. PZ Cussons says the auction process resulted in ‘a number of offers...against a backdrop of a challenging performance for the business, with a revenue decline in FY25 in the US and a wider contraction of valuation multiples across the Beauty category’. However, during the auction it also ‘explored a number of alternative business models which could create more value for shareholders’. PZ Cussons now will ‘establish a focused team to lead the St. Tropez brand across the group’s international footprint’. It also has agreed a strategic partnership with sales agent Emerson Group, which it is ‘confident’ will return St Tropez to growth in the US.
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