Oxford Nanopore’s decision to shun Nasdaq has raised questions over its stellar status Gordon Sanghera, chief executive of the gene-sequencing “unicorn” Oxford Nanopore, made a surprise announcement earlier this summer: his loss-making biotech firm had chosen Hong Kong’s stock exchange over America’s tech-heavy Nasdaq for a joint listing with London. Sanghera, 57, said he had already met officials from the former British colony to talk over the plans. If successful, Sanghera’s dual listing would represent a huge win for Britain’s life sciences industry, which generates £64bn a year and employs almost 241,000 people. It would also be a blessing for IP Group, the FTSE 250 backer of scientific innovation that co-founded Oxford Nanopore, and investors in both enterprises such as the star fund manager Neil Woodford. However, with figures such as Woodford staking their reputations on its success,… Want to read more? Register with a few details to continue reading this article
Gene-sequencing firm Oxford Nanopore’s decision to choose Hong Kong’s stock exchange over Nasdaq has raised questions about its £1.5bn ($1.9bn) valuation. Close relationships between the small number of investors funding the biotech scene and the companies they back have led some to suggest there is a risk of conflicts of interest. Critics have also questioned the investment practices of IP Group, co-founder of Oxford Nanopore, saying that its investors and management were rewarded on increases in its companies’ book valuations, boosted by infusions of funding, rather than on cash returns.