(Alliance News) - Oxford Nanopore Technologies Ltd on Thursday confirmed its intention to float on the London Stock Exchange and said it has agreed a strategic partnership with Oracle Corp, which will be a cornerstone investor.
Oxford Nanopore makes sensors that perform precise molecular anlyses, such as DNA and RNA sequencing. It plans to raise GBP300 million in the initial public offering, and expects to list on the main market in early October.
Database software firm Oracle will invest GBP150 million in the offering. The two companies also signed a memorandum of understanding to explore opportunities in the "applied and clinical markets, and related go-to-market strategies". Oxford Nanopore will move its EPI2ME data analysis platform to Oracle's cloud infrastructure as part of the deal.
The IPO will be made up of new and existing shares. Oxford Nanopore is looking to build on the GBP2.48 billion valuation it achieved in a funding round in May, Reuters reported earlier this month, citing sources familiar.
The flotation is a win for FTSE 250-listed IP Group PLC, a founding investor in Oxford Nanopore with a 14% stake. Schroder UK Public Private Trust PLC also stands to gain, and said it will sell part of its 3.7% stake to diversify its portfolio.
IP Group shares were up 2.9% to 140.60 pence in London on Thursday morning. Schroder UK Public Private was up 5.3% to 34.68p.
By Ivan Edwards; ivanedwards@alliancenews.com
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Ip Group (IPO)