Shares in Oxford Biomedica (OXB) saw a double-digit rise after Danish life sciences investment group Novo Holdings A/S bought a 10 per cent stake in the gene/cell therapy group for £53.5m. The proceeds will be used to repay the existing debt facility with Oaktree Capital Management and to further develop the LentiVector platform and the proprietary product portfolio. Novo Holdings has agreed to subscribe for 6.57m new ordinary shares in OXB.
It’s an important development given that the Novo investment is likely to be over the long haul, and it sends out a signal to the market that the commercial promise is aligning with the “therapeutic reality”. OXB has previously struck partnerships with the likes of Novartis and Sanofi, so this latest investment represents another vote of confidence in its expanding IP portfolio.
