BIA submission to the UK Secondary Capital Raising Review

The BIA has responded to the UK Secondary Capital Raising Review.

In our response, we said: 

  • Despite the UK’s strength in life sciences, its public markets are not functioning as a rich source of capital to support the growth of the industry.
  • The BIA has identified pre-emption rights as a significant impediment to secondary capital raising and a barrier to greater institutional investment in the sector.
  • This slows down and increases costs of new capital raises, and in some cases can limit the quantum of attainable capital.
  • The BIA recommends that UK companies be able to pass an enduring waiver of pre-emption rights for 5 years or longer to reduce the burden on companies and facilitate more efficient and rapid secondary capital raising on UK public markets.


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