Oxford Nanopore Technologies Ltd has reached a valuation of almost £2.5bn as it raised money ahead of a planned London initial public offer later this year.
The spin-out from Oxford University, which has developed technology that allows real-time analysis of DNA or RNA, was reported in March to be seeking a valuation as high as £6bn.
On Tuesday, the business raised £195mln from a group of investors, including IP Group PLC (LON:IPO) committed, M&G Investments, US-based Wellington Management, Sinapore's Temasek and Japanese camera giant Nikon.
M&G Investments said it invested £35mln, while existing investors contributed £70mln, including IP Group, which said it contributed £18.7mln and as a result had a 14.5% undiluted beneficial stake valued at £359mln.
Neil Woodford, a long-time supporter of Oxford Nanopore, was recently revealed to have a 43% weighting to the company in his new WCM Partners Healthcare Portfolio vehicle.
Oxford Nanopore said in a short statement that it “remains focused on its previously announced strategic plans”.
It was reported last month that the company had appointed investment banks ahead of the IPO.