Abu Dhabi-listed International Holdings Company has invested £39 million ($50.8 million) in Oxford Nanopore Technologies as the UK-based firm scales up its rapid coronavirus testing capability.
The investment is part of a £84.4 million ($110.09 million) equity raising exercise by the company, which has pioneered DNA sequencing technology.
The funds will support further innovation and the acceleration of commercial and manufacturing operations, the company said in a statement on Tuesday.
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.
In 2019, Oxford Nanopore opened a new high-tech factory in Oxford, to cater to the accelerating demand for its sequencing products
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 is currently investing in the scale-up of its new coronavirus test, LamPORE. Further regulatory approvals are being pursued in other countries, including Emergency Use Authorisation in the United States, and in the UAE.
“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 assets ranging from real estate to financial services and manufacturing.
“Oxford Nanopore has developed distinctive and proven technology and has been highly effective in taking products from innovation to market within tight timeframes.”
“We are delighted to welcome IHC as an investor in Oxford Nanopore,” said Dr Gordon Sanghera, CEO of Oxford Nanopore.
“Our international shareholder base reflects the international ambitions of Oxford Nanopore, as our technology is now used to answer important biological questions in more than 100 countries.”
In 2019, Oxford Nanopore opened a new high-tech factory in Oxford, to cater to the accelerating demand for its sequencing products.
IHC has operations in the UAE, Middle East, Europe, and North America through its 12 subsidiaries. In the first half of 2020, it posted revenues of AED2.5 billion and net profit of AED814 million.
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