Three founders of an Oxford business are set to become multi-millionaires after their company floats on the London stock market.

Biotech firm Oxford Nanopore will list its shares later this year.

It is valued at about £2.3 billion by a top investor and analysts believe its value could easily top £4 billion.

The scientists who founded it, Gordon Sanghera, 60, Hagan Bayley, 70, and Spike Willcocks, 44, and their families could pocket as much as £150 million between them.

Their company specialises in DNA sequencing and has developed a pocket-sized device which could revolutionise healthcare.

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The company’s technology has helped to sequence the virus that causes Covid-19 and during the pandemic has been used to identify one fifth of the virus genomes by scientists in 85 countries.

It believes its DNA and RNA-tracking technology can be used in many other areas, including rapid detection of other diseases, virus immunity checks and tumour sequencing.

The trio started Oxford Nanopore, which is headquartered in Oxford Science Park but has offices in Shanghai, Beijing and San Francisco, as an Oxford University spinout in 2005.

Its technology is based on moving DNA samples through tiny holes – called nanopores – and measuring how they react to electrical currents.

It provides rapid gene sequencing services for labs studying infectious diseases, cancer, crops, food and the environment.

Its portable device - Minion - for this type of testing is the size of a smartphone and has been used in the field to sequence strains of the Ebola virus, Zika as well as Covid-19.

Analysts believe the company could ‘comfortably’ fetch £4 billion.

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That would mean Mr Sanghera, who is chief executive, could see his stake valued at more than £62 million. Mr Willcocks could make a paper fortune of £34million, and co-founder Hagan Bayley, a professor of biochemistry, would make £32 million.

Mr Bayley’s ex-wife, Orit Braha, is also in line to receive almost £22 million, according to filings at Companies House.

Mr Sanghera said the decision to float the company followed a “pivotal year” when coronavirus “demonstrated the importance of life sciences”.

He said: “We believe an IPO [initial public offering] is the start of the next phase of our journey. Access to deeper, international pools of capital would support our ambitious growth plans, enhancing our ability to innovate and scale our manufacturing and commercial functions.”