Business
Strategic investment by Serum Life Sciences
Strategic investment by Serum Life Sciences.
About this update from Oxford Biomedica Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5767M\n Oxford Biomedica PLC\n 22 September 2021\n \n \n \n \n \n \n The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n Oxford Biomedica announces strategic investment by Serum Life Sciences Ltd\n \n \n \n \n \n Oxford, UK - 22 September, 2021: Oxford Biomedica plc (LSE:OXB) (\"Oxford Biomedica\" or \"the Group\"), a leading gene and cell therapy group, today announces that Serum Life Sciences Ltd (\"SLS\"), a subsidiary company of Serum Institute of India Pvt Ltd (\"Serum Institute of India\"), has agreed to invest just over £50 million in the Group in return for new ordinary shares representing 3.9% of the outstanding shares after the capital increase (the \"Transaction\"). The subscription price per new ordinary share to be paid by SLS is equal to the closing middle market price on Tuesday, 21 September 2021. For more information, see section \"About the Transaction\" below.\n \n The proceeds of the Transaction will be used to fund the development of the fallow area at Oxbox, the Group's 84,000 sq. ft manufacturing facility based in Oxford, UK, into a flexible advanced manufacturing space and the validation of several independent cGMP suites, expected to come online in mid-2023.\n \n Oxbox was constructed by the Group during 2019 and the first phase of development, totalling 45,000 sq. ft., consisted of four GMP manufacturing suites, two fill and finish suites and supporting areas such as warehouse, cold chain facilities and QC laboratories. Three suites are currently dedicated to producing COVID-19 vaccine at 1000L scale and one suite is producing lentiviral vector-based products for the Group's other partners. The remaining 39,000 sq. ft. will be developed using the proceeds of the Transaction to allow for flexible expansion and use. This is expected to include manufacturing capacity for viral vector-based products, including vaccines.\n \n The investment from SLS, a...