Oxford, UK: October 27, 2020: Oxford Science Enterprises (OSE), the independent investment company created to found, fund and build transformational businesses via its unique partnership with the University of Oxford, today announces the sale of its portfolio company, Base Genomics, to Exact Sciences for a total consideration of $410m, one of the largest diagnostic deals of its kind in the UK to date.
Base Genomics was incubated within Oxford Science Enterprises and founded by Oxford Science Enterprises Entrepreneur in Residence Ollie Waterhouse in 2018. The ambitious goal was to set new industry standards for the detection of methylated DNA, a critical tool for the detection of cancer at an early stage.
Methylated DNA is DNA that has changed due to environmental, rather than just genetic factors.
Base Genomics has developed the world’s leading DNA methylation technology. A breakthrough chemical invention called TAPS. Analysing DNA methylation is the most promising approach to detecting cancer early from a simple blood test and would transform patient outcomes.
Ollie worked alongside Dr Chunxiao Song and Dr Yibin Liu from the Ludwig Institute for Cancer Research Branch at the University of Oxford to develop this new approach. Oxford Science Enterprises has financially backed the company since its inception, strengthening the team with commercial and scientific expertise and supporting it in its quest to make late detection of cancer a thing of the past.
The partnership with Exact Sciences, a market leader in early cancer detection, will enable Base Genomics to significantly accelerate its clinical and commercial development, potentially unlocking a new era of preventative medicine and improved patient outcomes.
Exact Sciences will continue to build on the Base Genomics team here in Oxford, creating a world leading research centre for early stage cancer detection. This is a major step forwards for Oxford Science Enterprises whose mission is to turn Oxford University’s science into real-world impact, establishing the city as a world leading science and technology ecosystem.
Our focus at Oxford Science Enterprises is to ensure Oxford’s world leading science moves out of the laboratory and onto the global stage... Base Genomics’ success is a perfect example of our model working at its best.
Alexis Dormandy, Chief Executive Officer, Oxford Science Enterprises, said:
“Our focus at Oxford Science Enterprises is to ensure Oxford’s world leading science moves out of the laboratory and onto the global stage. We back companies from their inception and strengthen teams with commercial and scientific expertise. Base Genomics’ success is a perfect example of our model working at its best. This is one of the largest diagnostic deals in UK history and will position Oxford as a centre for early stage cancer detection. Oxford Science Enterprises will reinvest the proceeds back into the Oxford ecosystem, creating more companies capable of tackling more of the world’s toughest problems.”
I would like to thank Oxford Science Enterprises for their commitment to Base Genomics over the past two years, supporting us from inception to this next, exciting stage in our journey.
Ollie Waterhouse, Chief Executive Officer, Base Genomics, said:
“I would like to thank Oxford Science Enterprises for their commitment to Base Genomics over the past two years, supporting us from inception to this next, exciting stage in our journey. We are delighted to be joining Exact Sciences, a world leader in early cancer detection that has focused on DNA methylation for over a decade. Together, we look forward to developing a multi-cancer early detection blood test, which could be one of the most impactful oncology products in history.”
In just five years, Oxford Science Enterprises has raised £613m in patient capital, establishing over 80 portfolio companies and the creation of over 900 jobs.
William Blair is serving as financial advisor to Base Genomics, and Bristows LLP is serving as legal advisor. XMS Capital is serving as financial advisor to Exact Sciences, and K&L Gates is serving as legal advisor.
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Notes to Editors
About Oxford Science Enterprises
Oxford Science Enterprises (OSE) is an independent, billion-pound investment company, created in 2015 to found, fund and build transformational businesses via our unique partnership with the University of Oxford, the world’s #1 research university.
This partnership enables us to work with the brightest academic minds tackling the world’s toughest challenges and guarantees us unrivalled access to their scientific research. In collaboration with our global network of entrepreneurs and advisors, we go well beyond funding to we shape and nurture these complex ideas into successful businesses.
Actively focused on a core portfolio of around 40 companies spanning three high-growth, high-impact sectors – Life Sciences, Health Tech, Deep Tech – we adopt a flexible, long-term investment approach, recognising the path from ground-breaking research to global markets takes time and resilience.
To date, we have invested £0.5 billion in over 80 ambitious companies built on Oxford science, helping progress 28 from seed to Series A, and 22 to Series B and beyond, including 2 IPOs and 7 trade sales. A key player in Oxford’s entrepreneurial ecosystem, we are highly motivated to foster an environment that catalyses pioneering research and steers it to commercial success. We are committed to doing this in an inclusive and sustainable way.