Schroders Capital Global Innovation Trust plc (the "Company") is pleased to announce that its portfolio company Memo Therapeutics AG ("Memo"), a Swiss biotechnology company, has entered into a definitive share purchase agreement under which Ipsen has agreed to acquire Memo's potravitug programme.

The anticipated acquisition is focused on potravitug, a first-in-class monoclonal antibody targeting BK polyomavirus ("BKPyV") reactivation in kidney transplant recipients. BK polyomavirus-associated nephropathy is a serious and frequent clinical complication in renal transplant patients that can lead to graft loss and transplant failure. There are currently no approved targeted therapies for BKPyV.

Under the terms announced, Memo shareholders will receive a EUR 200 million payment on a cash-free and debt-free basis at closing of the transaction, and deferred payments contingent upon the achievement of specified development, regulatory approval and sales-based milestones, for total potential consideration in excess of EUR 700 million. The transaction is expected to close during Q3 2026, subject to the fulfilment of customary closing conditions.

The Company invested in Memo in October 2023 at an original cost of £1.2 million. Based on the upfront consideration, the transaction is expected to generate proceeds for the Company of approximately £2.1 million (CHF 2.3 million) representing 1.8x multiple of invested capital ("MoIC"). If all deferred payments are achieved, total potential proceeds to the Company would be approximately £6.7 million (CHF 7.1 million) or 5.6x MoIC. As part of the transaction, Memo's assets and employees not related to potravitug will be transferred to a newly incorporated company retained by Memo shareholders. This includes Memo's collaboration with CSL on the Rec-IgG Project and its DROPZYLLA® antibody discovery platform.

Schroders Capital was an early investor in Memo and supported the company's development of its antibody discovery platform and clinical-stage pipeline. The proposed transaction represents a further positive validation of biotechnology innovation within the Company's portfolio.

Schroders Capital has made eight new life science investments since being appointed Investment Manager in 2019. This is the fifth exit that builds on the exits of Carmot Therapeutics at 3.2x gross MoIC, Anthos Therapeutics at 1.4x gross MoIC, Araris Biotech at 8.1x gross MoIC and Neurona Therapeutics at 1.4x gross MoIC. This brings the realised track record of new life science investments made by Schroders Capital to 3.0x gross MoIC.

Tim Creed, Lead Portfolio Manager, and Harry Raikes, Co-Portfolio Manager, commented: "We are pleased to highlight Ipsen's proposed acquisition of Memo's potravitug programme. Memo has developed a differentiated antibody platform and potravitug has the potential to address a serious unmet need for kidney transplant patients affected by BK polyomavirus. The proposed transaction reflects the quality of Memo's science and the strength of its clinical-stage programme."

In accordance with the Company's valuation policy, the Manager currently estimates this transaction would result in a positive valuation adjustment of 2.14% to the 31 March 2026 net asset value ("NAV"). All unquoted holdings, including Memo, will undergo further evaluation and final determination as part of the 30 June 2026 interim results.

Aligned with the objective of the Company's managed wind down, and the previously announced tender offer, the upfront proceeds from this transaction will contribute to the increase of the planned capital return to shareholders of £23.5 million less costs (revised up from the £20 million less costs set out in the Circular).

The Board has extended the timetable of the tender offer such that the Final Tender Price Determination Date is 16 September 2026. This is expected to be following the publication of the interim results to 30 June 2026, allowing for the incorporation of all latest valuation information, including relating to Memo, in the Final Tender Price.

Enquiries:

Schroder Investment Management Limited

Francesca Davis (Company Secretary)      020 7658 6000

Charlotte Banks/Kirsty Preston (PR)          020 7658 6000