IP Group posts NAV growth and strong cash realizations, bolstered by a 50x return on Hinge Health and a successful exit from Centessa following its acquisition by Eli Lilly.
Centessa was acquired by Eli Lilly for $6 billion upfront, representing a significant premium.
IP Group reported a 3.2% increase in NAV per share, strong cash realizations, and positive developments in its Oxford Nanopore and Pfizer royalty holdings.
Oxford Nanopore reported 12% revenue growth, gross margin improvement, and a cross-licensing deal with committed revenue.
Pfizer's berobenatide program showed positive data and is progressing Phase III trials, with a potential launch in 2028.
Hinge Health's IPO generated a 50x return for IP Group.
Eli Lilly acquired Centessa for $6 billion upfront, which could expand its pipeline.
IP Group reported a 3.2% increase in net asset value to 114p per share, driven by strong performance in its Oxford Nanopore holding and Pfizer royalty interests. The firm generated £69 million in cash proceeds during the first half of 2026, supported by successful exits including Centessa and Hinge Health, as it targets £250 million in total realizations by 2027.
The valuation increase is primarily attributed to IP Group's royalty interest in Pfizer's obesity treatment programs, specifically the advancement of berobenatide and amylin combination therapies into Phase IIb clinical trials.