OSI plc closes funding of £320m partnership

RNS Number : 6574Q

IP Group PLC

19 June 2015

 

 

19 June 2015

IP Group plc - OSI plc closes funding of £320m partnership

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that Oxford Sciences Innovation plc ("OSI") has completed the second close of its fundraising, raising an additional £110m and bringing the total amount raised to £320m. Investors in the second close included Google Ventures and Charles Dunstone.

As announced on 14 May 2015, IP Group committed £40m of funding in the initial round along with other investors including Invesco Asset Management Limited, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust and Woodford Investment Management LLP. Following completion of the financing, IP Group will have an undiluted beneficial equity stake of 11.8% in OSI.

Alan Aubrey, Chief Executive of IP Group and Non-executive Director of OSI, said: "IP Group is proud to be a cornerstone investor in OSI and we are delighted by the quality and range of investors who have participated in both financing rounds. The support that the partnership has received is excellent news for everyone involved and we are excited by OSI's future prospects."

The full text of the announcement issued by OSI is set out below.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer Vicki Bradley, Communications	[phone]
FTI Consulting
James Melville-Ross/Simon Conway/ Victoria Foster Mitchell	[phone]

Notes for editors

About IP Group

IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.

IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.

For more information, please visit our website at www.ipgroupplc.com.

OXFORD SCIENCES INNOVATION PLC

Demis Hassabis, Tom Hulme, and Dr. Krishna Yeshwant join Advisory Board of Oxford Sciences Innovation as it closes the funding of its landmark £320m partnership

-      Investment from Google Ventures and Charles Dunstone help to complete the funding of the £320m partnership first announced on 14th May, 2015

-      Demis Hassabis (DeepMind), Tom Hulme and Dr. Krishna Yeshwant (Google Ventures General Partners) and Charles Dunstone join the Advisory Board of OSI as it aims to develop the University's world-leading scientific research and work with its academics to commercialise their ideas into market-leading companies.

19 June 2015: A month after the University of Oxford and Isis Innovation launched a new partnership with Oxford Sciences Innovation plc (OSI), the funding has been fully secured. Aiming to become a market leader in scientific innovation and entrepreneurship, the joint venture has also welcomed Demis Hassabis of DeepMind, and Tom Hulme and Dr. Krishna Yeshwant of Google Ventures to its Advisory Board.

Other investors in the £320m OSI partnership include Invesco Asset Management Limited, IP Group plc, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust, Woodford Investment Management LLP and Charles Dunstone.

OSI has been contractually established as the University's preferred partner for the provision of capital for spinout companies based on research from the Mathematical, Physical, Life Sciences and Medical Sciences divisions. This will include establishing new IP-driven businesses together with Isis Innovation and providing investment capital, as well as advice in order to create commercial success.

David Norwood, Chairman of OSI, said:

"We are building a very special and unique partnership at OSI. We are now in a position to combine Oxford University's proud history, with cornerstone investors and Board-level advice from some of the best minds in the tech industry to turn world-leading science into market-leading companies."

Demis Hassabis, Founder of DeepMind, said:

"OSI combines world-class research with world-class business minds. It is going to be very exciting to see the great companies that will undoubtedly come out of this partnership."

Tom Hulme, General Partner of Google Ventures, said:

'Google Ventures' investment in OSI represents our faith in Oxford University's ability to develop the next generation of scientific breakthroughs, and OSI's drive to turn those breakthroughs into successful commercial enterprises.'

For more information, please contact:

Oxford Sciences Innovation plc

Ben Novick, Milltown Partners LLP

[e-mail]

[phone]

NOTES TO EDITORS

1.    The formation of OSI was announced on 14th May 2015.

2.    In order to fund the next generation of spinout companies from the University, OSI announced it would raise an initial £300m. Due to its popularity with investors the partnership has managed to exceed its initial target and raised a total of £320m.

3.    Investors in the £320m partnership include Google Ventures, Charles Dunstone, Invesco Asset Management Limited, IP Group plc, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust and Woodford Investment Management LLP.

4.    OSI will be chaired by David Norwood, Founder of IP Group. He will be joined on the board by Deputy Chairman Alex Snow (Lansdowne Partners LLP). OSI will be supported by an Advisory Board made up of experts with backgrounds in science, technology, finance, industry and academia. The Advisory Board will include Demis Hassabis (Founder of DeepMind, acquired by Google in 2014), Dr. Krishna Yeshwant and Tom Hulme of Google Ventures as well as Charles Dunstone and Peter Davies (Senior Partner at Lansdowne Partners UK LLP)

5.    Oxford University staff have won a total of 32 Nobel prizes across Chemistry, Physics and Medicine.

6. The University also has a long track-record of developing global science and technology businesses through Isis Innovation. Isis has established over 100 spinout companies based on technology developed by University of Oxford researchers since 2000, including eight in the last year.  Spinouts valued in excess of £200m include Oxford Nanopore Technologies Limited and NaturalMotion. Others include AIM and Nasdaq listed companies such as Velocys and Oxford Immunotec.

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