Abu Dhabi’s IHC invests $50m in UK firm behind rapid coronavirus testing

Abu Dhabi’s IHC invests $50m in UK firm behind rapid coronavirus testing

Abu Dhabi-listed International Holdings Company has invested £39 million ($50.8 million) in Oxford Nanopore Technologies as the UK-based firm scales up its rapid coronavirus testing capability.

The investment is part of a £84.4 million ($110.09 million) equity raising exercise by the company, which has pioneered DNA sequencing technology.

UAE has announced it plans to test two million people in the next two months

The funds will support further innovation and the acceleration of commercial and manufacturing operations, the company said in a statement on Tuesday.

Oxford Nanopore has developed and commercialised a new generation of DNA/RNA sequencing technology that is used by researchers to explore human genetics, cancer, infectious pathogens, plant and animal genomics and environmental science.

In 2019, Oxford Nanopore opened a new high-tech factory in Oxford, to cater to the accelerating demand for