IP Group plc - OSI plc closes funding of £320m partnership

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that Oxford Sciences Innovation plc ("OSI") has completed the second close of its fundraising, raising an additional £110m and bringing the total amount raised to £320m. Investors in the second close included Google Ventures and Charles Dunstone.

As announced on 14 May 2015, IP Group committed £40m of funding in the initial round along with other investors including Invesco Asset Management Limited, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust and Woodford Investment Management LLP. Following completion of the financing, IP Group will have an undiluted beneficial equity stake of 11.8% in OSI.

Alan Aubrey, Chief Executive of IP Group and Non-executive Director of OSI, said: "IP Group is proud to be a cornerstone investor in OSI and we are delighted by the quality and range of investors who have participated in both financing rounds. The support that the partnership has received is excellent news for everyone involved and we are excited by OSI's future prospects."

The full text of the announcement issued by OSI is set out below.

For more information, please contact:

IP Group plc 
Alan Aubrey, Chief Executive Officer 
Greg Smith, Chief Financial Officer
Vicki Bradley, Communications 
+44 (0) 20 7444 0050

FTI Consulting 
James Melville-Ross/Simon Conway/
Victoria Foster Mitchell 
+44 (0)20 3727 1000

Notes for editors

About IP Group

IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.

IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.

For more information, please visit our website at www.ipgroupplc.com.


Demis Hassabis, Tom Hulme, and Dr. Krishna Yeshwant join Advisory Board of Oxford Sciences Innovation as it closes the funding of its landmark £320m partnership

- Investment from Google Ventures and Charles Dunstone help to complete the funding of the £320m partnership first announced on 14th May, 2015

- Demis Hassabis (DeepMind), Tom Hulme and Dr. Krishna Yeshwant (Google Ventures General Partners) and Charles Dunstone join the Advisory Board of OSI as it aims to develop the University's world-leading scientific research and work with its academics to commercialise their ideas into market-leading companies.
19 June 2015: A month after the University of Oxford and Isis Innovation launched a new partnership with Oxford Sciences Innovation plc (OSI), the funding has been fully secured. Aiming to become a market leader in scientific innovation and entrepreneurship, the joint venture has also welcomed Demis Hassabis of DeepMind, and Tom Hulme and Dr. Krishna Yeshwant of Google Ventures to its Advisory Board.
Other investors in the £320m OSI partnership include Invesco Asset Management Limited, IP Group plc, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust, Woodford Investment Management LLP and Charles Dunstone.
OSI has been contractually established as the University's preferred partner for the provision of capital for spinout companies based on research from the Mathematical, Physical, Life Sciences and Medical Sciences divisions. This will include establishing new IP-driven businesses together with Isis Innovation and providing investment capital, as well as advice in order to create commercial success.
David Norwood, Chairman of OSI, said:
"We are building a very special and unique partnership at OSI. We are now in a position to combine Oxford University's proud history, with cornerstone investors and Board-level advice from some of the best minds in the tech industry to turn world-leading science into market-leading companies."
Demis Hassabis, Founder of DeepMind, said:
"OSI combines world-class research with world-class business minds. It is going to be very exciting to see the great companies that will undoubtedly come out of this partnership."
Tom Hulme, General Partner of Google Ventures, said:
'Google Ventures' investment in OSI represents our faith in Oxford University's ability to develop the next generation of scientific breakthroughs, and OSI's drive to turn those breakthroughs into successful commercial enterprises.'
For more information, please contact:
Oxford Sciences Innovation plc
Ben Novick, Milltown Partners LLP
[email protected]
+44 7712 675 635