The Oxfordshire-based scale-up helping to track coronavirus mutations has announced plans to list in London later this year.
Oxford Nanopore, which specialises in DNA sequencing technology, today said it had started preparing for a London float but disclosed no further details.
“Oxford Nanopore Technologies Limited has today informed its shareholders that it has started the process of preparing for a potential initial public offering,” the firm said.
“While the timing of a potential IPO is dependent on market conditions and other matters not fully within the Company’s control, at this stage the Company expects that the IPO would occur in the second half of 2021 on the London Stock Exchange.”
The decision to list in London will likely be welcomed by the government which has been trying to woo Britain’s life sciences and technology companies to list in the capital.
In December Boris Johnson reportedly met with leading tech bosses considering a London float, including Oxford Nanopore, in a bid to convince them to list in the City.
The firm’s decision to choose London may well encourage other biotech firms to follow, which could prove crucial for the UK post-Brexit.
“We believe that an IPO is the start of the next phase of our journey. Gaining access to deeper, international pools of capital would support our ambitious growth plans, enhancing our ability to innovate and scale our manufacturing and commercial functions,” the biotech company said.
“It would, we believe, provide us with the resources and flexibility to fulfil our long-term potential.”