IP Group

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.

Dimensional Fund Advisors Ltd. disclosed a 1.86% interest in IP Group PLC, holding 16,407,156 ordinary shares as of 23 June 2026. The disclosure was made under Rule 8.3 of the Takeover Code. Dimensional also reported a purchase of 26,401 shares at 1.6430 GBP per share on the same date. The firm noted that it does not have discretion over voting decisions for 186,444 of the reported shares.