IP Group — ‘Call option’ on Pfizer’s anti-obesity programme
23/03/2026
We believe that IP Group’s shares currently offer a compelling asymmetric return profile stemming from its exposure to potential future income streams from the anti-obesity products of Metsera (acquired by Pfizer in November 2025 for up to $10bn). Reflecting IP Group’s listed holdings (primarily Oxford Nanopore), net cash and other net liabilities in line with end-2025 balance sheet values implies that the current share price (which is at a 54% discount to end-2025 NAV) attaches only c £250m fair value to IP Group’s private portfolio (a discount of close to 70% to end-2025 valuations). At least 73% of this value (not adjusted for time value of money) is covered by expected exits in 2026–27 as management reiterated its target of more than £250m in proceeds between FY25 and FY27, of which it received £68.1m in FY25. This leaves an implied value of no more than £68m (or 7.7p/share) for IP Group’s remaining unrealised private portfolio including the Metsera IP (ie c 12% of its end-2025 fair value).
IP Group – equity proposition
10/02/2026
IP Group is an investment company that helps to create, build and support IP-based companies internationally. The group focuses on companies that meaningfully contribute to a healthier, tech-enriched, regenerative future. IP Group is mostly active in the UK, with an international footprint through investment platforms in Australia, New Zealand and the US. Below we highlight four key reasons why IP Group represents an exciting investment case: IP Group offers access to potentially disruptive innovations. IP Group’s management sees a strong exit pipeline ahead. IP Group may generate significant income from the IP it owns. Scale-up capital to support companies in their rapid growth phase. For more information on IP Group, please see our website.
Bull, Bear & Beyond – 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.
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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.