Oxford Biomedica, a U.K.-based cell and gene therapy group, raised 39.4 million pounds sterling ($53.25 million) in a share placing to help fund its recent 80% buy into U.S. viral vector manufacturer Homology Medicines.
The share placing was part of Oxford’s efforts to raise 80 million pounds ($108 million) last week, City A.M. reported.
Meanwhile, Oxford was also in talks to extend is current COVID-19 vaccine supply deal with AstraZeneca, the publication reported. Their original agreement was an 18-month supply and development deal for the large-scale production of the vaccine in September 2020, with an option to extend the contract through 2023.
News of the share placing comes a week after Oxford said it would pay $130 million upfront and invest $50 million to fund the newly formed U.S.-based Oxford Biomedica Solutions in return for an 80% stake in Homology. That deal is expected to close during the first quarter of 2022.
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Homology has developed more than 40 analytical assays and scored FDA clearance to test three medicines from its pipeline in humans. The company’s manufacturing facility near Boston features three 500-liter bioreactors that use a serum-free process, which has also been successfully scaled to 2,000 liters.
Additionally, last week Oxford said Roch Doliveux has been named its interim CEO and chairman as the company looks for a new CEO. John Dawson, the former CEO, will remain as a board member and adviser.