IP Group has sold about £21m of shares in Oxford Nanopore, taking some profit from one of its most successful holdings while retaining most of its stake.
The move comes after Oxford Nanopore shares doubled from July lows around 107p to touch 217p this week.
The technology investor said it had sold 10 million shares in the DNA-sequencing company, but remained one of its largest shareholders, with a 7.23% holding worth around £151.5m at current prices. Funds managed by IP Group hold a further 11.8 million shares.
IP Group’s chief executive, Greg Smith, described Oxford Nanopore as “one of the standout successes” in its portfolio and said the sale was an appropriate partial realisation that preserved exposure to future gains while improving the group’s financial flexibility.
Greg Smith, Chief Executive of IP Group, said: “Oxford Nanopore has been one of the standout successes within our portfolio and we remain strong supporters of the company, its management team and its long-term prospects.”
“This transaction represents an appropriate partial realisation of our holding, demonstrating our ability to realise value from maturing portfolio companies while preserving meaningful exposure to future upside. We retain a significant investment in Oxford Nanopore, continue to see substantial long-term potential in the business and look forward to supporting its future development as a major shareholder.”
IP Group has agreed a 90-day lock-in on its remaining direct holding.