TIDMONT
RNS Number : 6525Q
Oxford Nanopore Technologies plc
19 October 2023
FOR IMMEDIATE RELEASE
Oxford Nanopore Technologies plc
BioMérieux makes strategic investment in Oxford Nanopore
19 October 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Oxford, UK and Marcy-l'Étoile, France, 19 October 2023. Oxford
Nanopore Technologies plc (LSE: ONT) ("Oxford Nanopore"), the
company delivering a new generation of nanopore-based molecular
sensing technology, and bioMérieux SA, a world leader in the field
of in vitro diagnostics ("IVD") today announce that bioMérieux is
making an immediate GBP70M investment in Oxford Nanopore.
In addition, bioMérieux expects to make further market purchases
of Oxford Nanopore's shares from time to time, up to a further 3.5%
of Oxford Nanopore's shares, subject to availability and price.
The investment strengthens the relationship between the two
companies, further aligning with Oxford Nanopore's increasing focus
on clinical markets through a partnership announced in April this
year. This investment will support development for products in
Oxford Nanopore's portfolio to serve IVD markets in conjunction
with bioMérieux's commitment to advancing global public health.
Through this partnership and this investment, the two companies
intend to leverage Oxford Nanopore's ground-breaking nanopore-based
IVD solution and bioMérieux's IVD expertise in R&D, Regulatory,
Medical and Market Access. As part of the transaction, the two
companies will establish an IVD Advisory Board to advance nanopore
technology into routine clinical use.
Nanopore-based sequencing is a novel technology that enables
analysis of long DNA or RNA fragments. It works by monitoring
changes to an electrical current as nucleic acids are passed
through a protein nanopore. The resulting signal is decoded to
provide the specific DNA or RNA sequence. The unique real-time,
scalable features and advances in single-nucleotide sequencing
accuracy of this technology make it ideal for the rapid and
cost-effective characterization of pathogens in clinical
samples.
Together, the companies are driving to meet a significant unmet
need in the clinical and diagnostic markets- an opportunity where
nanopore sequencing is uniquely suited to deliver impact where
information-rich, rapid, accessible, and affordable sequencing are
critical.
Oxford Nanopore reconfirms its guidance to be adjusted EBITDA
breakeven by the end of 2026.
Gordon Sanghera, Oxford Nanopore Technologies Chief Executive
Officer, commented: "With bioMérieux's strategic investment and our
shared commitment to innovation, we are poised to accelerate the
development of nanopore-based IVD solutions. This investment will
enable us to deliver rapid, accessible, and affordable clinical
tools more quickly to address unmet needs and improve healthcare
worldwide."
Pierre Boulud, bioMérieux CEO, commented: "This investment will
reinforce our existing partnership with Oxford Nanopore and provide
more resources for the development of innovative IVD solutions.
Drawing on our six decades of expertise in the in vitro diagnostic
space, we consider that the new generation of sequencing technology
developed by Oxford Nanopore holds promise to answer future
diagnostic needs and will further improve patient care, in
particular against the ever-growing infectious diseases
threat."
Transaction structure
-- bioMérieux has agreed to subscribe for 29,025,326 ordinary
shares (which equates to 3.5% of Oxford Nanopore's voting rights as
at 13 October 2023) in Oxford Nanopore at a subscription price of
238.08p per share (the "Subscription"), conditional only upon
Admission (as defined below) occurring. This represents a total
investment of nearly GBP70 million.
-- Applications will be made to the Financial Conduct Authority
and the London Stock Exchange for the shares issued pursuant to the
Subscription to be admitted to the standard listing segment of the
Official List and to trading on the main market for listed
securities of the London Stock Exchange ("Admission").
-- Admission is expected to occur on Monday 23 October 2023.
-- The Subscription price of 238.08p per share is equal to the
6-month volume weighted average price as at 13 October 2023.
As part of the Subscription, subject to certain customary
exceptions, bioMérieux undertakes to:
-- For a period of 5 years, not acquire or agree to acquire any
interests in Oxford Nanopore's shares which would result in it and
its affiliates having an interest exceeding 9.9% of the issued
share capital of Oxford Nanopore (provided that this restriction
shall be suspended for so long as Oxford Nanopore is in an offer
period (included in the Definitions of the City Code on Takeovers
and Mergers (the "Code")), and in the case of an offer period which
is commenced by an announcement under Rule 2.4 of the Code, for a
one month period after the cessation of such offer period);
-- not dispose of any shares in Oxford Nanopore for 12 months,
subject to certain limited exceptions; and
-- comply with certain orderly marketing obligations for a
period of four years after expiry of the 12-months lock-up period,
subject to certain limited exceptions.
About Oxford Nanopore Technologies
Oxford Nanopore Technologies' goal is to bring the widest
benefits to society through enabling the analysis of anything, by
anyone, anywhere. The company has developed a new generation of
nanopore-based sensing technology for real-time, high-performance,
accessible and scalable analysis of DNA and RNA. The technology is
used in more than 120 countries to understand the biology of humans
and diseases such as cancer, plants, animals, bacteria, viruses and
whole environments. Oxford Nanopore Technologies products are
intended for molecular biology applications and are not intended
for diagnostic purposes .
www.nanoporetech.com
Forward-looking statements
This announcement contains certain forward-looking statements.
For example, statements regarding expected revenue growth and
profit margins are forward-looking statements. Phrases such as
"aim", "plan", "expect", "intend", "anticipate", "believe",
"estimate", "target", and similar expressions of a future or
forward-looking nature should also be considered forward-looking
statements. Forward-looking statements address our expected future
business and financial performance and financial condition, and by
definition address matters that are, to different degrees,
uncertain. Our results could be affected by macroeconomic
conditions, the COVID-19 pandemic, delays in our receipt of
components or our delivery of products to our customers,
suspensions of large projects and/or acceleration of large products
or accelerated adoption of pathogen surveillance. These or other
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking
statements.
BIOMÉRIEUX GAME CHANGERS FOR 60 YEARS
Pioneering Diagnostics
A world leader in the field of in vitro diagnostics since 1963,
bioMérieux is present in 45 countries and serves more than 160
countries with the support of a large network of distributors. In
2022, revenues reached EUR3.6 billion, with over 90% of sales
outside of France.
bioMérieux provides diagnostic solutions (systems, reagents,
software and services) which determine the source of disease and
contamination to improve patient health and ensure consumer safety.
Its products are mainly used for diagnosing infectious diseases.
They are also used for detecting microorganisms in agri-food,
pharmaceutical and cosmetic products.
www.biomerieux.com
bioMérieux is listed on the Euronext Paris stock market.
Symbol: BIM - ISIN Code: FR0013280286
Reuters: BIOX.PA/Bloomberg: BIM.FP
CONTACTS
Oxford Nanopore
Media Relations Teneo (communication adviser to the
Company)
media@nanoporetech.com Tom Murray, Olivia Peters
Investors Relations Tel.: +44 (0) 20 7353 4200
ir@nanoporetech.com OxfordNanoporeTechnologies@teneo.com
bioMérieux
Media Relations Investors Relations
Olivier Rescanière Aymeric Fichet
Tel.: +33 (0)4 78 87 Tel.: +33 (0)4 78 87 20 00
21 99
media@biomerieux.com investor.relations@biomerieux.com
This announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU no. 596/2014),
which forms part of English law by virtue of the European Union
(Withdrawal) Act 2018. The person responsible for arranging the
release of this announcement on behalf of the Company is Hannah
Coote, Company Secretary of Oxford Nanopore Technologies plc.
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