Oxford Nanopore, the UK-based genetic sequencing technology developer backed by pharmaceutical firm Amgen, is looking to raise £1.6bn ($2.1bn) in a forthcoming private placement, The Times reported yesterday.
Founded in 2005, Oxford Nanopore has devised real-time DNA and RNA sequencing technology that offers biological analyses at comparatively low cost. It has potential applications in disease and pathogen surveillance, environmental monitoring, food supply chain inspection and microgravity biology.
The system involves an ionic current being passed through an array of protein nanopores laid on top of electrically-resistant polymer, enabling researchers to investigate specific sequences as the DNA strands are pushed through the newly-charged cavities.
Oxford Nanopore has cumulatively raised approximately $656m in equity funding. Earlier reports suggested the company was working towards an initial public offering and it is unclear how the latest move will affect those plans.
The company received $140m from Singaporean sovereign wealth fund GIC, superannuation fund Hostplus, financial services firm China Construction Bank and unnamed existing backers in April 2018, before Amgen added $66m at a reported $2.1bn valuation six months later.
GT Healthcare had previously led a $126m round that closed in 2016 with participation from Woodford Investment Management, IP Group and unnamed additional investors, after a $109m round the year before that included a $21.6m contribution from IP Group.
Oxford Nanopore’s shareholders also include genomics technology producer Illumina, which supplied $18m in funding in 2009, as well as Invesco Perpetual, Odey Asset Management, Top Technology Ventures and Lansdowne Partners.
The original version of this article appeared on our sister site, Global University Venturing.