Oxford Nanopore to Raise GBP300 Million in London IPO

By Jaime Llinares Taboada

Oxford Nanopore Technologies Ltd. said Thursday that it intends to raise around 300 million pounds ($415.3 million) at its initial public offering in London, half of which will be provided by Texas-based software provider Oracle Corp.

The DNA-sequencing specialist, which had announced its intention to float in London last week, said it has signed a cornerstone investment agreement with a vehicle controlled by Oracle for the latter to subscribe for GBP150 million of new shares in Oxford Nanopore.

The company also said it recently entered into a memorandum of understanding with Oracle for them to collaboratively explore new solutions. As part of this deal, Oxford Nanopore intends to migrate its EPI2ME data analysis platform to Oracle's cloud infrastructure.

"The directors believe that the group remains only in the early stages of what is possible and believe that the offer and admission will position the group for the next stage of its development and support its ambitious growth plans," Oxford Nanopore said.

IP Group PLC has a 14.4% stake in Oxford Nanopore.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

September 16, 2021 03:17 ET (07:17 GMT)

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