New exit for Baronsmead VCTs: Panthera Biopartners, UK’s leading clinical trials facilities for global pharma

Gresham House – the manager of the Baronsmead VCTs – recently announced its successful exit from clinical trial specialists Panthera Biopartners, following a significant investment from private equity firm LDC, part of Lloyds Banking Group.

Panthera specialises in recruting patients for – and running – Phase II and Phase III clinical trials.

Gresham House was the company's first institutional investor in 2020 and has supported the business through several funding rounds since, helping it grow revenue more than 200% since 2022.

In August 2025, Panthera received a majority investment from LDC. The transaction delivered “a strong return for Baronsmead VCTs investors”, Gresham House reports.

Panthera adds to the six exits (two positive, two negative and two write-offs) the Baronsmead VCTs reported in their last full financial years. Those previous exits delivered combined proceeds of £16.9 million at an average return of 2x – past performance is not a guide to the future.

What does Panthera do? Why did the Baronsmead VCTs invest? What progress has the company made since? How could you invest in similar companies through the Baronsmead VCTs? Read on to find out more.

The history of Panthera goes back to the early ‘90s when Dr Ian Smith MBE was working as a GP in Chorley.

He recognised clinical trials could run more smoothly and efficiently if a separate organisation took charge of enrolling patients and running the trials. So, he founded Synexus, the world’s first SMO, conducting trials on behalf of CROs and pharmaceutical companies. Under his leadership, Synexus grew into the largest SMO globally, with sites across four continents.

After being bought out, Ian returned to the industry in 2019, when he co-founded Panthera with Professor John Lyon, who was previously a global executive in CRO Covance and a serial entrepreneur.

Panthera has grown rapidly, expanding its network of clinical trial sites and securing partnerships with leading pharmaceutical companies and CROs. Now, it supports clinical programmes for a wide range of global pharmaceutical companies, including eight of the 12 largest pharma firms and all of the top seven global CROs.

The Baronsmead VCTs seek to back companies with strong growth momentum, high-quality management teams, proven and profitable unit economics and a scalable sales model. The manager typically invests in businesses with annual recurring revenue of £1 million or more.

The investment in Panthera is underpinned by the manager’s belief that there is – and there will continue to be – a need for outsourced pharma services in the drug development sector. Gresham House considered the market opportunity sizeable, given patient recruitment is a major pain point and expense for sponsors, which a specialist organisation like Panthera can help address.

After the initial investment, the manager was “extremely impressed by the management team” and the company’s financial performance, which supported the decision to provide follow-on funding.

When you invest in the Baronsmead VCTs you will get exposure to the whole portfolio of more than 85 companies (though not Panthera Biopartners).

The two Baronsmead VCTs are among the largest and most diverse VCTs. They target an annual dividend of 7% of net asset value (NAV) and have achieved this in each of their last five financial years. Dividends are variable and not guaranteed.

The VCTs are currently closed but you can register your interest below to get an alert when the next offer opens.