Invest AED186 mn in leading DNA sequencing technology firm
ABU DHABI-OXFORD (United Kingdom) /October 13: Abu Dhabi-listed International Holdings Company (IHC) has invested 39 million pound (AED185.85 million) in Oxford Nanopore Technologies as part of a 84.4 million pound (AED402.25 million) equity raising exercise by the United Kingdom-based firm, which has pioneered DNA sequencing technology.
An IHC statement said the funds will support further innovation and the acceleration of commercial and manufacturing operations, including supporting Oxford Nanopore as it scales up its rapid COVID-19 testing capability.
“IHC has a strong track record in the healthcare device sector in the Middle East and we are very pleased to be expanding our interests globally,” said Syed Basar Shueb, CEO and Managing Director of IHC, which owns a diverse portfolio of strategic assets from real estate to financial services and manufacturing.
He also said Oxford Nanopore has developed distinctive and proven technology and has been highly effective in taking products from innovation to market within tight timeframes.
Talking on the deal, Dr Gordon Sanghera, CEO of Oxford Nanopore said his company’s international shareholder base reflects the international ambitions of Oxford Nanopore, as its technology is now used to answer important biological questions in more than 100 countries.
Oxford Nanopore has developed and commercialised a new generation of DNA/RNA sequencing technology that is used by researchers to explore human genetics, cancer, infectious pathogens, plant and animal genomics and environmental science.
Its technology is increasingly being used in ‘applied markets’ to generate actionable insights such as in food safety or infectious disease, including COVID-19.
The company said it is currently investing in the scale-up of its new COVID-19 test, LamPORE, which is a rapid and scalable test to detect the SARS-CoV-2 virus.
