Corrs Chambers Westgarth, has advised IP Group Plc on the deal
IP Group plc (LSE: IPO) (“IP Group” or “the Group”), the developer of intellectual property-based businesses, is pleased to note that its portfolio company Oxford Nanopore Technologies Limited (“Oxford Nanopore” or “the Company”), has announced a £100 million fundraising, including new investment from GIC (Singapore), China Construction Bank International (CCBI, China), Hostplus (Australia) and existing investors.
Oxford Nanopore, the company behind the only portable, real-time DNA/RNA sequencer, MinION, plans to use the funds to support its next phase of commercial expansion including a new, high-volume manufacturing facility in Oxford to meet accelerating demand for Oxford Nanopore’s sequencing technology as well as increasing its commercial team.
IP Group holds an undiluted beneficial stake of 18.3% in Oxford Nanopore, valued at £274.1 million. This represents an unrealised fair value gain to the Group of £27.8 million compared with the last financing round in 2016.
Oxford Nanopore will also use the funds to support R&D as it expands its suite of analysis devices. The currently available pocket MinION and desktop GridION are being joined by high-throughput modular sequencing with PromethION and small, single-test sequencing with Flongle.
Corrs Chambers Westgarth, has advised IP Group Plc on the deal with a team including Fadi C. Khoury (Picture).
Involved fees earner: Fadi Khoury – Corrs Chambers Westgarth;
Law Firms: Corrs Chambers Westgarth;
Clients: IP Group Plc ;