Oxford Nanopore valued at $3.4 billion ahead of IPO

LONDON (Reuters) -Oxford Nanopore has been valued at around 2.48 billion pounds ($3.44 billion) after raising 195 million pounds in new investment ahead of its planned initial public offering later this year, its backer IP Group said on Tuesday.

Singapore's Temasek, Wellington Management, M&G Investments and Nikon put 125 million pounds into the life sciences company, according to IP Group, with M&G saying it had invested 35 million pounds. Existing investors including IP Group contributed 70 million pounds.

Oxford Nanopore is expected to list on the London stock market in the second half of this year, with sources telling Reuters last month it had appointed banks to manage the process.

IP Group, which holds a 14.5% stake, said its investment in Oxford Nanopore is now worth 359 million pounds.

($1 = 0.7202 pounds)

(Reporting by Rachel Armstrong; editing by John O'Donnell and Tommy Wilkes)