Proton Partners International


Proton Partners International, a UK-based business, is the country’s first high energy proton beam therapy provider.

The company is developing oncology centres across the UK, known as the Rutherford Cancer Centres. Its Newport centre is now fully operational for proton beam therapy as well as radiotherapy, chemotherapy, imaging and wellbeing services, while its other three (in Reading, Northumberland and Liverpool) are under construction. In addition, the company is developing its first international proton centre in Abu Dhabi, as part of the Gulf International Cancer Center (GICC).

We first invested in this innovative business in August 2015, with the company joining both the Woodford Patient Capital Trust and the LF Woodford Equity Income Fund.

Investment case summary

The core of the investment case is built around the potential benefits that proton beam therapy (PBT) has over conventional radiotherapy used to treat cancer patients. More accurate targeting of cancer cells reduces collateral damage to healthy tissue and in turn side effects.

While the historic cost of treatment has restricted its use, the recent development of compact PBT equipment has improved this cost / benefit significantly. The technology is proven, with centres already operating in other countries, while the NHS has committed to two centres.

The company’s ambition to be the first commercial provider of PBT in the UK has the potential not only to create substantial shareholder value but also to provide a new cancer service to UK patients not otherwise available.

Ask a question about our investment in Proton Partners International

Fund exposure
Equity Income Fund 0.89%
Patient Capital Trust 6.50%

As at 30 November 2018

Geography United Kingdom
Industry Health Care
Themes Healthcare innovation

Source: Woodford


Second cancer centre opened

Today Proton Partners announced the successful opening of a new cancer centre in Northumberland – this is the second Rutherford Cancer Centre that the company officially opens, following the one in Newport. Initially, the Northumberland centre will offer radiotherapy, chemotherapy, immunotherapy, imaging and diagnostics. Proton Beam Therapy is expected to become available in early 2019. In our view, this is positive news as it highlights that the company is making good progress in implementing its initial five centres model. The next Rutherford Cancer Centre is anticipated to be opened in Reading (Thames Valley) early next year.

Saku Saha
23 August 2018

WPCT 2017 annual report case study

A new way to beat cancer

Proton Partners is the UK’s first high-energy proton beam therapy provider. Unlike conventional cancer treatments, proton beam therapy uses protons to target and kill cancer cells with little or no damage to the surrounding tissue. This potentially ground-breaking treatment had not been available in the UK until Proton Partners opened the doors to the UK’s first proton beam therapy centre in Newport, South Wales in April 2018 – several months ahead of schedule.

Although the company only launched just over three years ago, it is on track to fulfil its goal of having a network of its unique cancer centres within 90 minutes of 75 per cent of the UK’s population by 2023. Construction is already underway at three further centres across the UK, which will be available to medically-insured and self-pay patients, as well as those referred by the NHS.

24 April 2018

Read the full report

First patient treated

When Proton Partners launched, it set a goal of having a network of its unique cancer centres within 90 minutes of 75% of the UK’s population by 2023. The announcement that it has started to treat its first patient with proton beam therapy in its Newport Centre just over three years later is a hugely significant milestone and step towards reaching that goal – and is a testament to its management team and staff.

Saku Saha
11 April 2018

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.

Woodford Patient Capital Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

The Woodford Funds (Ireland) ICAV (the “Fund”) has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland. The Fund’s Swiss paying agent is Neue Helvetische Bank AG. All fund documentation including, Prospectus, Key Investor Information Documents, Instrument of Incorporation and financial reports may be obtained free of charge from the Swiss Representative in Lausanne. The place of performance and jurisdiction for all shares distributed in or from Switzerland is at the registered office of the Swiss Representative. Fund prices can be found at

© 2019 Woodford Investment Management Ltd.
All rights reserved.

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