Abu Dhabi's International Holdings Co. invests 39m pounds in UK COVID-19 testing pioneer
New investments in Oxford Nanopore will speed up building of manufacturing operations
Abu Dhabi: International Holdings Company (IHC) of Abu Dhabi has invested 39 million pounds in Oxford Nanopore Technologies as part of an 84.4 million pound equity raising exercise by the UK firm, which is a pioneered in DNA sequencing technology. The funds will support the group’s commercial and manufacturing operations, including supporting Oxford Nanopore as it scales up its COVID-19 testing capability.
“IHC has a strong track record in the healthcare device sector in the Middle East and we are pleased to be expanding our interests globally,” said Syed Basar Shueb, CEO and Managing Director of IHC, which now owns a diverse portfolio of assets 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.”
Oxford Nanopore has developed and commercialised a new generation of DNA/RNA sequencing technology used by researchers to explore human genetics, cancer, infectious pathogens, plant and animal genomics and environmental science. Its technology is also increasingly being used in applied markets to generate insights on infectious disease, including COVID-19.
The company is currently investing in the scale up of its new COVID-19 test - LamPORE - to detect the virus. Further regulatory approvals for the rapid test are being pursued in other countries, including in the UAE and the US.