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Oxford Covid biotech firm plans £2.4bn flotation on LSE

Business founded in 2005 has won contracts worth £144m from the UK government during pandemic

Oxford Nanopore, whose Covid-19 technology was snapped up by the UK government and used to track variants of the virus globally, has unveiled its plans to float in one of the biggest London debuts this year.

The company, a startup spun out from Oxford University, hopes to exceed a £2.4bn valuation achieved at a fundraising round in May. It has laid out plans to tap into the growing genomic sequencing market, estimated to be worth $5.7bn globally. Its revenues more than doubled to £114m last year, from £52m in 2019. It is aiming to reduce its losses to break even in the next five years.

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Read the original article at The Guardian

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