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Railpen, the largest shareholder in Britain's IP Group , said on ​Friday it has made a sweetened takeover offer ‌for the early-stage science investor, nearly a month after IP Group rejected an earlier approach.

IP Group PLC (LSE:IPO), the company that backs spin-out businesses, has rejected a takeover proposal from one of its largest shareholders, the railways pension scheme Railpen. The board said the proposal, received on 16 June, materially undervalued the company and its prospects, and was turned down unanimously.

Deutsche Bank has said it is 'unsurprised' that IP Group PLC (LSE:IPO) rejected a take-private approach from Railpen, its largest shareholder. The bank, whose analyst Kane Slutzkin rates the stock a 'buy' with a 110p price target, said the non-binding proposal undervalued the company on several counts.

IP Group PLC (LSE:IPO), the London-listed investor that backs science and technology start-ups, has rejected a £616 million takeover approach from its largest shareholder. The approach came from Railpen, which manages the Railways Pension Scheme and holds 18.4% of IP Group.

IP Group PLC (LSE:IPO), the FTSE 250 investment company focused on science and technology businesses, has announced that portfolio company Istesso has begun dosing patients in a phase II trial of its lead drug candidate. The study, named IST-03, is testing leramistat in patients with sarcopenia, a condition involving muscle loss, caused by rheumatoid arthritis.