IP Group plc (LSE: IPO) (“IP Group” or “the Group”), the developer of intellectual property-based businesses, notes that Amgen (NASDAQ:AMGN) has announced an equity investment of £50 million into portfolio company Oxford Nanopore Technologies Limited (“Oxford Nanopore” or “the Company”).

The investment will be effected through the purchase of £50 million of existing ordinary shares in Oxford Nanopore at the same price as the Company’s primary £100 million fundraising announced in March 2018 that saw new investment from GIC (Singapore), China Construction Bank International (CCBI, China) and Hostplus (Australia).

Amgen noted that the investment in Oxford Nanopore aligns with its strategic focus on using human genetics to deliver new medicines to patients. Amgen subsidiary deCODE Genetics, a world leader in human genetics, uses Oxford Nanopore’s sequencing technologies to conduct genome research, including the identification and validation of new targets.

Alan Aubrey, Chief Executive of IP Group plc, said: “Amgen is a world leader in using genetic data to inform drug discovery so it is encouraging to hear how Oxford Nanopore’s technology is helping enable this. This investment is a tremendous validation of nanopore sequencing and reflects the significant progress that has been made by Oxford Nanopore over the last year.”

Kári Stefánsson, founder of deCODE Genetics, noted that Oxford Nanopore’s long-read sequencing capability “creates a window into parts of the genome that have been out of reach, as well as giving us a much better handle on structural variants that confer risk of a wide variety of diseases”. He noted that deCODE Genetics has used Oxford Nanopore technology to sequence “several hundred human genomes”.

IP Group holds an undiluted beneficial stake of 18.3%, valued at £274.1 million, in Oxford Nanopore.