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Iain Conn, the former CEO of Centrica and a seasoned executive with a decade-long tenure at BP, has emerged as a leading candidate to chair IP Group, a prominent early-stage science investment firm. Sources indicate that the decision regarding the new chairman is expected from IP Group's board by year-end, following the tenure of Sir Douglas Flint.

IP Group has a notable track record, having supported innovative companies such as Hinge Health and Oxford Nanopore. The firm recently reported its half-year results, which highlighted significant challenges, including funding delays and pricing pressures impacting the value of its holdings, which have seen a decline exceeding £35 million. As of Thursday, IP Group's shares traded at approximately 53p, reflecting a market capitalization nearing £500 million, underscoring the financial landscape in which the company operates.