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Legal & General ups stake in ImmuPharma

L&G upped its stake in the recent £4.1mln fundraising, and now holds a 3.5% stake in ImmuPharma
Legal & General offices
Analysts said L&G's increased stake was indicative of the interest now being shown in ImmuPharma from institutions

Insurance giant Legal & General Group Plc (LON:LGEN) has upped its stake in the AIM-listed specialist drug developer ImmuPharma PLC (LON:IMM).

L&G upped its stake in the recent £4.1mln fundraising, and now holds 4.45mln ImmuPharma shares representing 3.5% of the issued share capital.

“We are delighted to be able to disclose Legal & General's increased holding in ImmuPharma as one of our existing major institutional investors which participated in our recent successful £4.1 million fundraising demonstrating its continued support for ImmuPharma,” said chief executive Tim McCarthy.

City broker Northland Capital said L&G taking a larger piece of the pie was indicative of the kind of interest ImmuPharma is now generating among institutional investors.

“The announcement that L&G increased its stake in ImmuPharma demonstrates the strong interest in the company’s late-stage clinical drug development programme on Lupuzor, a potential treatment for Lupus,” said Northland analyst Vadim Alexandre.

“If approved, Lupuzor could achieve multi-billion dollar annual sales.”

Shares in ImmuPharma were modestly lower at 53.5p on Monday afternoon.

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