IP Group to raise £57m in share placing
IP GROUP is to raise £57m from a share placing to fund a strategic shareholding in Oxford Sciences Innovation (OSI), which will broaden its exposure to future spin-out companies from the University of Oxford.
The group, which commercialises IP mainly through partnerships with universities, will own 17.9% of OSI.
OSI is a newly-formed company that will, for a minimum of 15 years, be the contractually preferred partner of Oxford University to help develop spin-out companies based on research from the University’s mathematical, physical and life sciences division and its medical sciences division.
IP Group’s chief executive Alan Aubrey – who joined the group when it acquired Leeds-based Techtran Group in 2005 – will join the OSI board as a non-executive
Mr Aubrey said: “IP Group has a long and successful history with the University through which we have backed approximately 20 spin-out companies to date including Oxford Nanopore Technologies Limited, Velocys plc, Summit Therapeutics plc and Genomics Limited.
“Going forward, the group will have exposure to a much wider range of scientific research from Oxford and we are excited to be continuing on this journey together with OSI and the other cornerstone investors.”
IP Group is joined in the initial investment round, which totals £210m, by Invesco Asset Management Limited, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust and Woodford Investment Management LLP. OSI may seek to raise up to an aggregate total of £300m through a second close of up to £90m later in 2015.
