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Biotech business and tool hire firm join Trainline on the IPO track

A tool hire company and a biotech business focusing on cancer treatments are the latest firms to put out their IPO plans this year after kicked off discussions about a London flotation last week.
Biotech business and tool hire firm join Trainline on the IPO track

Tool hirer HSS Hire Group and biotech business Redx Pharma are the latest firms to roll out their IPO plans.

Last week, the online train ticket retailer, started the 2015 IPO ball rolling when it unveiled its London flotation.

In a statement today, Liverpool-based drug developer Redx Pharma said it plans to raise £20mln when it floats on AIM in February.

Set up in 2010, the firm focuses on developing new treatments for cancer and infectious diseases by improving existing drugs to create best-in-class treatments.

Based at the former AstraZeneca site at Alderley Park, Cheshire, it already has a portfolio of 13 patent-protected drug programmes.

Already at the pre-clinical proof of concept stage are treatments for MRSA, bone tumours, skin, brain and blood cancers.

The biotech business has secured partnerships with AstraZeneca, the NHS and French laboratory Pierre Fabre in the past 18 months.

The money raised will help develop the pipeline of oncology and infectious disease assets and launch a third therapeutic subsidiary focused on immunology.

“We believe that Redx is now at the forefront of research into small molecule tumour immunology and cancer stem cells, as well as the critical threat of antimicrobial resistant infection,” said Neil Murray, chief executive.

The listing would value the firm in the region of £60-£80mln, reports today suggested. Dealing in the shares on the junior market is expected to start next month.

Meanwhile, UK tool and equipment renter HSS Hire hopes to raise more than £100mln through floating a quarter of its shares. In a statement today, the firm said it will use the proceeds to reduce its £200mln debt.

HSS, which claims to be the second-biggest supplier of hired tool and equipment in Britain, operates from 265 locations and has about 2,900 staff. The listing could give the firm a value close to £600mln.

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