IP Group Investee Oxford Nanopore Planning GBP100.0 Million Raise (ALLISS)

20th Mar 2018 09:07

LONDON (Alliance News) - Intellectual property firm IP Group PLC said Tuesday its investee firm Oxford Nanopore Technologies Ltd is embarking on a GBP100.0 million fundraising.

Oxford Nanopore, it said, is to receive investment from the likes of GIC Singapore, China Construction Bank International, Australian firm Hostplus, and other existing investors.

IP's portfolio company will use the funds to support its next phase of commercial expansion, including a new manufacturing facility in Oxford to meet increasing demand for its sequencing technology.

IP has an 18% stake in Oxford Nanopore, which it said is worth around GBP274.1 million.

Chief Executive Alan Aubrey said: "We're delighted that Oxford Nanopore has successfully completed another substantial fundraising and are particularly pleased to see the quality and breadth of new investors."

"In this context we were pleased to introduce both CCBI and Hostplus to the round who both share our belief in and ambitions for the company," Aubrey added. "Oxford Nanopore has achieved significant growth over the last year and we look forward to further progress this year."

Shares in IP were up 1.4% on Tuesday morning at 103.40 pence each.

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