Business & Investment

UK biotechnology Oxford Nanopore prepares for $ 3 billion London IPO

Oxford Nanopore said on Tuesday that it had begun preparations for a potential initial public offering. This could be worth more than £ 2 billion ($ 3.17 billion) as UK-based biotechnology revolutionizes real-time gene sequencing.

Oxford-based companies statement The IPO is expected to take place on the London Stock Exchange later this year.
Note that the timing of listing depends on market conditions.

Oxford Nanopore was valued at £ 2.3 billion in March after the IP Group of Intellectual Property-based Business Developers.
+ 1.00%
It owns a 15% stake in the company and £ 340.3 million..

That’s why Oxford Nanopore has become one of the rare “unicorns” in the UK. This is an unlisted technology company worth over £ 1 billion.The company counts US pharmaceutical companies Amgen
Singapore’s Sovereign Wealth Fund GIC, China Construction Bank International, and asset manager Schroders
+ 0.85%

Among the investors.

IP Group shares rose 2% at 122.40 pence in London trading early Tuesday morning.

read: Oxford Nanopore sequencing is helping the global battle against Covid. We are currently considering an IPO.

Founded in 2005 by the CEO Gordon Sangela As a spin-out from Oxford University, Oxford Nanopore sought to revolutionize DNA sequencing by providing a fast and inexpensive way to provide real-time surveillance.

The company’s handheld DNA sequencing device (called MinION) is the size of a mobile phone, works with a USB plug on a laptop, costs only $ 1,000, is easier, cheaper, and does not require a large laboratory. You can sequence at high speed.

Oxford Nanopore sequencing technology competing with California-based Illumina since the outbreak of COVID-19 in January last year
It has been used to assist scientists in more than 85 countries, including China and more recently Brazil, to track the emergence of new variants of the coronavirus that cause COVID-19.

read: Fear of new viral variants drives the United States to more genomic sequencing

Oxford Nanopore said its potential IPO could give it “access to a deeper international capital pool” to support its ambitious growth plans and expand its manufacturing and commercial capabilities.

“Our DNA and RNA sequencing technology is well-positioned for rapid use in multiple applications. Sample-to-sample, fast, low-cost sequence-based analytics across scientific research, healthcare, and industrial environments. I believe there is great potential for this, “the company said.

The company also wants to increase its rapid COVID-19 inspection capabilities.Last year in cooperation with the British government LamPORE COVID-19 test This allows you to determine if a user is infected with the coronavirus within an hour.

The decision to go public in London is welcomed by the British government trying to attract more British unicorns to choose the capital of the IPO.

read: London is reviewing listing rules to attract tech IPOs and invest in a blank check boom

February, UK Government Support Report London recommends that post-listing founders maintain control, reduce the amount of shares companies have to sell to outsiders, and encourage tech companies to choose a city for an IPO did.

Deliveroo backed by online retail giant Amazon
Will enter the London stock market on Wednesday and is expected to be London’s largest flotation in the last few years.

read: Amazon-backed Deliveroo adjusts IPO price range ahead of London debut, citing “volatility” market conditions

However, on Monday, food delivery companies narrowed the price range, showing that the initial valuation was £ 8.8 billion, while the maximum valuation was up to £ 7.85 billion. Deliveroo quoted market volatility for this decision, but the company faces intense criticism from some of the UK’s largest fund managers. Concerns About worker rights and the company’s shareholding structure.

UK biotechnology Oxford Nanopore prepares for $ 3 billion London IPO UK biotechnology Oxford Nanopore prepares for $ 3 billion London IPO

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