Oxford Nanopore on Friday announced plans to go public by floating at least 25% of its shares on the London Stock Exchange (LSEG.L) in a move that would value the life science company at over $ 2.5 billion ($ 3.5 billion).
The firm, which has been working on rapid COVID-19 tests, hopes to cut losses and break even within the next five years.
Last year, it partnered with the UK government to roll out its new LamPORE test in a bid to contain cases of COVID-19.
The company is pioneering a new generation of nanopore-based detection technology, the products of which enable “real-time, high-performance and scalable analysis of DNA and RNA”.
If he goes ahead with the float, that would be important for the London Stock Exchange, as most of the UK’s pharmaceutical and life sciences companies tend to be listed on the Nasdaq (^ IXIC).
The Oxford Nanopores ruling indicates that recent changes to LSE rules are attracting more sought-after tech announcements in London, ”Nalin Patel, senior analyst at PitchBook, told Yahoo Finance UK.
“European biotech companies are often listed on US stock exchanges to raise awareness and tap new pools of investors. However, the changes to the LSE regulations appear to be working and include the ability to use a dual class share structure, which has proven popular for the technology. companies around the world in recent years.
Company CEO Gordon Sanghera told reporters on a phone call: “As a company we are already a global technology player and have a global shareholder base and when we did an analysis , we realized that the shareholders you choose in London are of similar quality to those you would pick up in New York. “
Nanopore sensors are a technology capable of rapidly characterizing individual molecules.
The sequencing of these molecules is used to understand the biology of humans, including diseases such as cancer and pathogens such as bacteria, viruses, and fungi.
The group believes there is an additional opportunity for the technology in applied markets, including infectious diseases, immune profiling and cancer, food safety, agriculture or other industrial environments.
“I believe that we are only at the foot of what is possible,” Sanghera said.
“Looking further ahead, we see the potential for a Global Internet of Living Things, a future in which real-time arrays of biological sensors can be used to help wider communities.”
This could include tracking the spread of viruses in people, animals and environments, tracking marine ecology sensors to help understand climate change, and maybe even be integrated into wearable devices that track data. health.
“An IPO will be a step on the path to making our vision a reality, supporting our ambitious growth plans and enhancing our ability to innovate and grow,” Sanghera said.
The company said DNA / RNA sequencing represents an estimated market of $ 5.7 billion in 2021 with an estimated compound annual growth rate of 18% between 2020 and 2023.
Oxford Nanopore raised $ 84.4 million last year in private funding from existing and new investors.
Investors in the tour included International Holdings Company, based in Abu Dhabi, and RPMI Railpen, a UK pension fund.
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