Oxford Nanopore Technologies Ltd

IP Group reported a 3.2% rise in net asset value per share to 114p in the first half, taking total NAV above £1 billion, with Chief Executive Greg Smith saying NAV per share had since reached approximately 117p as of Sept. 11, mainly on a higher valuation of its listed Oxford Nanopore holding. The science and technology investor generated £69 million of cash proceeds in the half, exceeding the proceeds recorded for the whole of 2025, and a further £17 million received after the period end brought year-to-date proceeds to about £86 million and total proceeds since the start of 2025 to £154 million, against a target of £250 million of realizations by the end of 2027. The largest contributor to the half-year valuation gain was IP Group's royalty interest in Pfizer's obesity treatment programs, whose carrying value rose by £27 million to just over £150 million after Pfizer's berobenatide and amylin combination advanced into a Phase IIb clinical trial, lifting the estimated probability for the combination therapy from 25% to 39%. Portfolio companies raised more than £500 million from third-party investors during the half, with IP Group contributing approximately 5% of that capital, and Oxford Nanopore reported £117 million of revenue, 12% constant-currency growth, a 400-basis-point gross margin improvement to 62%, and an adjusted EBITDA loss that more than halved to just over £22 million. The company ended June with £239 million to £240 million of gross cash and deposits, and Smith said around £50 million of realization proceeds was available for future shareholder returns under the board-approved capital allocation policy.