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DNA Startup Oxford Nanopore Seeks $415 Million in IPO

Added 09-16-21 03:04:02am EST - “(Bloomberg) -- DNA-sequencing company Oxford Nanopore Technologies Ltd., whose technology is used to identify variants of Covid-19, is looking to raise 300 million pounds ($415 million) in a London listing on the back of a pandemic…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “DNA Startup Oxford Nanopore Seeks $415 Million in IPO”. Below is an excerpt from the article.

DNA-sequencing company Oxford Nanopore Technologies Ltd., whose technology is used to identify variants of Covid-19, is looking to raise 300 million pounds ($415 million) in a London listing on the back of a pandemic boost.

The offering will also include existing shares, the company said in a statement Thursday. The spinout from the University of Oxford supplies the U.K. with tests that use DNA and RNA sequencing to detect various strains of Covid. Its technology was also used during the Ebola and Zika outbreaks.

The company was worth about 2.5 billion pounds ($3.5 billion) during its last funding round in May, based on the valuation that shareholder IP Group Plc assigns to its 14.5% stake. Oxford Nanopore is opting for a listing on the standard segment of the LSE, meaning it will be ineligible for inclusion into major FTSE benchmarks.

Oracle Corp. has also agreed to subscribe for 150 million pounds of new shares. The U.K. company will move its genetic analysis applications to Oracle’s cloud-computing architecture as well, it said.

Oxford Nanopore shareholders in June approved a “limited anti-takeover” share structure, according to a registration document filed ahead of the listing. The special shares, which will be held by Chief Executive Officer Gordon Sanghera, will help block hostile takeovers, but won’t confer any other voting rights and will expire after three years.

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