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Behind the Money

Why companies don't want to list in the UK anymore

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 17 May 2023

⏱️ 21 minutes

🧾️ Download transcript

Summary

The London Stock Exchange once held the top spot in global financial markets. In recent years, that’s changed drastically. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market. 


Clips from CBS, Thames News 

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For further reading:

Britain’s ‘capitalism without capital’: the pension funds that shun risk 

‘There are no domestic equity investors’: why companies are fleeing London’s stock market

Why Europe’s stock markets are failing to challenge the US

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On Twitter, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)


Read a transcript of this episode on FT.com




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Transcript

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0:00.0

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0:30.0

The road to bringing a new medication to market is a long and expensive path.

0:38.0

And Sir John Bell, who's the chair of a British biotech firm called Munocor, knows this quite well.

0:45.0

It's usually, you know, it's 10, 12, 14 years, something like that.

0:51.0

And for a company that's starting out that's a long journey

0:54.7

because you have to raise money all the way along that journey to get to where you need to get to.

0:59.4

Immunocore got its start in Bell's lab more than 20 years ago. But as the company grew, they

1:05.3

needed to find investors. So first, they looked inside the UK. And so in about

1:10.6

2014, they raised a big a round from largely UK investors.

1:20.4

So they raised a lot of money then and set off on a journey to try and develop these drugs.

...

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