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Acacia Pharma hopes to raise up to $230 million in London IPO

Acacia Pharma, a specialist in finding new uses for existing medicines or "repurposing" them, said on Monday it planned to float in London, marking a further boost for British pharmaceutical and biotech fundraising.

One person familiar with the plan said the aim was to raise up to around 150 million pounds ($230 million). That would make it the second-biggest pharma initial public offering (IPO) in London since 2005, behind the 200 million pounds raised by Circassia Pharmaceuticals last year.

Acacia, founded in Cambridge, England in 2007, said it expected its shares to start trading on the main market of the London Stock Exchange in October.

It has four drugs that have demonstrated success in mid-stage clinical trials. The most advanced, APD421, is currently being evaluated in final Phase III studies for the management of post-operative nausea and vomiting.

The firm's IPO move follows plans announced last week by Britain's Shield Therapeutics and Finland's Faron Pharmaceuticals to also float in London.

Copyright Reuters, 2015