Dealmakers Awards 2024: Deal of the Year (below £10m)

Deal of the Year (below £10m): Investment in Cumulus Oncology by Scottish National Investment Bank and Eos Advisory (British Business Bank, Brodies, Thorntons, Burges Salmon, Alacrita, Innovare) Sponsored by Scottish Enterprise

Cumulus Oncology takes anti-cancer drugs to early-stage clinical trials via specially created spin-out companies. Once at critical value points, these spin-outs can be sold and the equity recycled. The company raised £9 million to expand its portfolio, achieve scientific milestones and grow its team. One judge said: “This is something Scotland can be proud of.”

Shortlisted

Investment in iGii by Scottish National Investment Bank, Par Equity and Archangels (Shepherd and Wedderburn, d-fine, Lawrie IP, FWB, MBM Commercial, Morton Fraser MacRoberts). Nanomaterial producer iGii is expected to use the funds to accelerate customer projects, increase manufacturing capacity, and deepen research and development to explore further applications of its material.

Sale of Cambric Systems to Abingdon Software Group (Hutcheon Mearns, Stronachs, MBM Commercial, M&S Accountancy & Taxation, Wilson Partners). Cambric provided healthcare software to eight of the 14 healthcare boards in Scotland. Its acquisition by Abingdon Software Group could provide the resources for Cambric to start working for further NHS boards.

Investment in Cyacomb by Scottish National Investment Bank with Par Equity and Mercia (Scottish Enterprise, Addleshaw Goddard,, DWF, Henderson Loggie, Calash, HGF, Intechnia, Burness Paull, Brodies). This £3.6m equity investment will enable Cyacomb – developer of technology to detect and block harmful online content – to develop its online safety product and expand market reach.

Investment in MI:RNA by NovaQuest, Equity Gap, Gabriel, Scottish Enterprise, Kyoritsu Holdings, VANE, Animal Health Angels, Companion Fund I, Burness Paull, Anderson Strathern, McKee Campbell Morrison, Brodies). MI:RNA’s tests help in the early diagnosis and treatment of diseases in animals. This investment is expected to create jobs, enable MI:RNA to invest further in research and development, support its laboratory in Dundee, and establish labs in the EU and US.