Bay Capital proposes buying biotech Plenty Biologics and suspends its listing
Bay Capital has agreed heads of terms to acquire biotech Plenty Biologics for £40 million in shares and is temporarily suspending trading in its stock.
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what happened
London-listed Bay Capital plc, whose shares sit in the shell companies category of the Main Market, has announced heads of terms to acquire the entire capital of biosimilar developer Plenty Biologics, according to Reuters. The deal values Plenty Biologics at £40 million on a debt-free basis. Payment will be made in new Bay Capital shares priced at 15 pence each, roughly 266.7 million shares in total.
At the same time, the company plans to raise about £5 million through a placing, and trading in its shares will be temporarily suspended. Chairman David Williams is an earlier investor in Plenty Biologics, so he is not taking part in the board's discussion or vote on the transaction, which counts as a material related party deal.
why it matters
For the market this is a small deal, but a telling one: shell companies on the London exchange are increasingly used to bring private biotech projects to public markets. Investors should weigh the dilution of existing shareholders and the fact that terms remain preliminary.
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- REG - Bay Capital PLC - Proposed Acquisition and Temporary Suspension — Reuters, 20 October 2026 at 06:45 UTC
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