Asset management group sells £11m stake in life sciences firm

Premier Milton Group has sold a stake worth c.£11m in the life sciences company Avacta.

The London based group which had over £10billion of assets under management has faced a tough time lately with its own share price down 45%.

Wetherby-based Avacta is currently working on a number of Covid-19 test partnerships including a recently announced collaboration with the Liverpool School of Tropical Medicine for its saliva-based coronavirus antigen test.

Its share price had been on an upward trend since March, when it had a record low of 14p before peaking at 202p in May.

As of today its price is up 2.9% to 143.50p and it is valued at £357m, this follows the news of the sale and the appointment of Neil Bell as chief development officer of Avacta Life Sciences.