IP Group (LSE:IPO) reported a 3.2% increase in net asset value per share to 113.9 pence for the first half of 2026, with total NAV reaching £1 billion.
The investment group ended the period with £239 million in cash and generated £68.7 million from exits, exceeding the amount realised during the whole of 2025. It invested £30 million during the first half.
IP Group also appointed former 3i chief executive Michael Queen as chair during the period.
Pfizer Obesity Royalty Asset Valued at £152 Million
Changes in the valuation of IP Group’s royalty interest linked to Pfizer’s berobenatide obesity programme contributed to the increase in NAV.
The company valued the royalty asset at £152 million following clinical developments in the programme. These included reported positive clinical data and the progression of a berobenatide and amylin combination into Phase 2b development.
Pfizer is also undertaking a ten-study Phase 3 programme and is targeting a potential launch in 2028, according to the information provided by IP Group.
Across IP Group’s wider portfolio, companies raised £543 million from third-party investors during the period. Portfolio companies also reported developments across areas including quantum computing, autonomous mobility, cystic fibrosis and other therapeutic programmes.
IP Group maintained its target of achieving £250 million in exit realisations by 2027.
IP Group Expands Third-Party Capital Activities
The group continued developing its third-party capital operations during the first half, including progress on a managed-account relationship with Aberdeen.
It also launched an A$50 million Climate Catalyst Fund backed by Australia’s Clean Energy Finance Corporation and reported additional capital raised through Parkwalk.
Following the end of the reporting period, IP Group said NAV per share had increased to approximately 117 pence. The fair value of its Oxford Nanopore holding increased by £26.4 million, while year-to-date cash proceeds reached £85.8 million.
IP Group Portfolio
IP Group is a UK-listed investment company focused on science and technology businesses across HealthTech, DeepTech and CleanTech.
The group invests directly from its balance sheet and manages third-party capital through partnerships and investment vehicles, including Parkwalk and climate-focused funds. Its portfolio includes equity and royalty interests in companies and technologies at different stages of development.
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