BACIT Aims for $404M Raise for Cancer Drug Development

LONDON – A group of leading UK fund managers is aiming to raise £250 million (US$404 million) in the initial public offering of the Battle Against Cancer Investment Trust (BACIT), a new style of fund that intends to invest 1 percent of its net asset value (NAV) per year in drug development programs originating at the Institute of Cancer Research (ICR), London.