Former Neil Woodford favourite Oxford Nanopore confirms £300m London listing as biotech agency appears to be like to grasp ‘ambitious growth plans’
- ON revealed plans to listing final week with analysts suggesting a £4bn valuation
- Firm concentrating on £300m fund elevate with free float of at the very least 25% of share capital
- Biotech business doesn’t anticipate to interrupt even for at the very least one other 5 years
British science pioneer Oxford Nanopore has revealed it would search to boost as much as £300million from its London listing, which it confirmed final week.
The biotech innovator – which was held by fallen star fund supervisor Neil Woodford and ditched in his fund’s hearth sale – stated it’s concentrating on a free float of at the very least 25 per cent of its issued share capital, previous to a secondary provide to be offered by sure current shareholders.
Oxford Nanopore confirmed its intention to listing final week with a reported valuation of £4billion, a determine that will internet prime executives a mixed fortune of £150million.
Oxford Nanopore’s merchandise can sequence genetic info in actual time
The agency sells and develops nanopore sequencing merchandise, which allow direct, real-time evaluation of lengthy DNA or RNA fragments.
At the second it’s loss-making, and doesn’t anticipate to interrupt even for at the very least one other 5 years resulting from persevering with heavy funding in analysis and growth, reporting a lack of £73.2m in 2020 after revenues of £113.9m.
Oxford Nanopore stated it’s in its ‘early stages of what is possible’ and its London floatation will position the business ‘for the next stage of its development and support its ambitious growth plans’.
It added that listing would additional elevate the profile of the company, present a extra everlasting capital structure and wider capital elevating capabilities, and enhance its expertise pipeline.
The listing will even create a liquid market within the shares for current and future shareholders, the agency stated.
Oxford Nanopore additionally revealed a partnership settlement with software agency Oracle Corporation, which has agreed to subscribe for £150million of latest shares within the agency.
The agency confirmed its intention to listing final week with analysts predicting a valuation of £4bn
The deal will see the 2 firms discover ‘a number of potential new solutions to address opportunities in the applied and clinical markets, and related go-to-market strategies’.
‘The collaboration is intended to draw on the group’s strengths in sequencing and genetic analysis, together with Oracle’s strengths in database and cloud technologies,’ Oxford Nanopore stated.
Oxford Nanopore made headlines within the monetary press for its affiliation to former star fund supervisor Neil Woodford, with the biotech business representing one of many unlisted holdings that helped worsen the spiralling liquidity disaster that result in the collapse of Woodford Equity Income.
Woodford’s Oxford Nanopore stake was in the end offloaded by Link Fund Solutions to Acacia Research Corporation in a £220million hearth sale of a 19-strong portfolio of healthcare shares.