IP Group – executive interview
27/10/2025
In this interview, IP Group’s CEO, Greg Smith, highlights the potentially transformational implications of Pfizer’s acquisition of Metsera (for up to $7.3bn, of which $4.9bn is in upfront cash), whose MET-097 anti-obesity drug is progressing through Phase II. IP Group is entitled to low single‑digit royalties from a number of Metsera compounds, including MET‑097. EvaluatePharma forecasts that MET-097 could generate $9.2bn in non-risk-adjusted revenue by 2032, implying significant royalty streams to IP Group if commercialisation is successful. Greg reiterates confidence in management’s target of achieving at least £250m of exits by end‑2027 (excluding Oxford Nanopore), citing Monolith’s sale to CoreWeave and Hinge Health’s NYSE IPO (where IP Group achieved roughly a 50x return) as evidence. Greg also discusses progress on securing third‑party capital through UK pension funds and Mansion House initiatives, with management expecting to announce a new mandate by full‑year results, while highlighting portfolio momentum across AI, genomics, quantum and cleantech sectors. IP Group helps to create, build and support IP-based companies internationally. It focuses on companies that meaningfully contribute to regenerative (renewable), healthier (life sciences) and tech-enriched (deep tech) futures.
IP Group — Pfizer-Metsera deal offers upside potential
24/10/2025
There have been several announcements on technical and commercial progress across IP Group’s portfolio this year. A recent highlight was Pfizer’s announcement that it will acquire Metsera. IP Group has the potential to generate significant income from the intellectual property (IP) related to anti-obesity programmes that it owns and exclusively licenses to Zihipp, which Metsera acquired in 2023. Metsera’s drug candidates represent a multi-billion dollar revenue opportunity, of which IP Group may receive a low-single-digit percentage amount of royalty income, on top of which it may collect technical and commercial milestone payments, as well as an earn-out related to its previous equity investment in Zihipp. Other notable announcements across IP Group’s life sciences portfolio include Istesso’s encouraging data, published in The Journal of Pharmacology and Experimental Therapeutics, and clinical trial progress of other holdings. We also note that three of IP Group’s portfolio companies (Oxford Nanopore Technologies (ONT), Oxford Quantum Circuits and Oxa) were featured in NVIDIA’s press release on building the UK’s AI infrastructure.
IP Group — Exit target of over £250m by end-FY27 reiterated
18/09/2025
IP Group continues to deliver a meaningful level of realisations with £30.3m in proceeds generated in H125, more than two-thirds of which came from four life sciences companies (Intelligent Ultrasound, Centessa, Abliva and Hinge Health). Importantly, management reiterated its target of delivering over £250m in realisation proceeds between FY25 and FY27, which excludes any potential exit proceeds from Oxford Nanopore (ONT) and represents roughly 50% of IP Group’s current market capitalisation. IP Group’s NAV was supported by the rising share price of ONT, and the successful IPO and subsequent performance of Hinge Health (for which IP Group’s lock-up expires in November 2025). This was offset by a net decline in the carrying values of private holdings, most notably Oxa Autonomy and Artios Pharma due to funding delays, and £14.2m of fx headwinds. This led to a slight 1.5% fall in NAV in H125 to 96.2p, which was more than reversed post reporting date by the continued strength of listed holdings, bringing IP Group’s NAV to c 100p as of 12 September 2025.