Business
ONT investment from Novo and £80m equity issue
ONT investment from Novo and £80m equity issue.
About this update from Ip Group Plc
[{"type":"text","content":"\n\n\n\n\n\n\nFOR RELEASE ON\n\n\n01 August 2024\n\n\n\n\n \n \nIP Group plc - Portfolio company Oxford Nanopore Technologies attracts investment from Novo Holdings and completes Equity Issue of £80m\n \n \nIP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to note that Oxford Nanopore Technologies plc (\"Oxford Nanopore\" or \"the Company\") has announced a new strategic investment from Novo Holdings A/S (\"Novo Holdings\"), a world-leading life sciences investor, as part of an £80m equity issue which was \"multiple times oversubscribed\".\nOxford Nanopore confirmed a total of 25,000,000 New Ordinary Shares had been placed, at a price of 120 pence, raising gross proceeds of approximately £30m. The subscription by Novo Holdings was reduced to £50m from £60m with Novo Holdings intending to \"subject, inter alia, to availability and price, to add over time to their initial primary investment through further market purchases of up to £10m\".\nOxford Nanopore noted that it had decided to increase the size of the equity issue to £80m \"in light of the strong demand from investors, with the transaction multiple times oversubscribed\".\nGreg Smith, Chief Executive officer of IP Group, said: \"This strategic investment from Novo Holdings coupled with strong support from investors is a huge endorsement of Oxford Nanopore. We are proud to continue supporting the Company, a business that we helped found in 2005.\"\nFollowing admission of the newly issued shares, IP Group will have an undiluted beneficial holding of 8.9% in Oxford Nanopore and manages an additional 1.3% through its managed funds.\nFor more information, please contact:\n \n\n\n\n\nIP Group plc\n\n\nwww.ipgroupplc.com\n\n\n\n\nLiz Vaughan-Adams, Communications\n\n\n+44 (0) 20 7444 0062/+44 (0) 7967 312125\n\n\n\n\nPortland\n\n\n\n\nAlex Donaldson\n\n\n+44 (0) 7516 729702\n\n\n\n\n \nNotes for editors\n \nAbout IP Group\n \nIP Group accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world's most exciting businesses in deeptech, life sciences and cleantech ...