Gene and cell therapy group Oxford Biomedica Plc (LSE: OXB) has announced that Novo Holdings is to invest up to £53.5 million in the Group in return for new ordinary shares representing up to 10.1% of the outstanding shares after the capital increase.
Under the agreement, Novo Holdings has agreed to subscribe for 6.56m new ordinary shares in OXB at £6.90 per share.
The proceeds from the investment will be used to repay its existing debt facility with Oaktree Capital Management in full and to further develop its LentiVector® platform and the proprietary product portfolio.
John Dawson, Chief Executive Officer of Oxford Biomedica, commented: “We are delighted that Novo Holdings has become a shareholder in Oxford Biomedica. Novo Holdings is a well-known and highly regarded long-term investor with significant expertise in working with innovative, life sciences businesses to unlock their growth potential.
This experience will be a great asset far beyond the financial commitment they have made to the Group and their collaboration and support will be highly valuable as we seek to scale up our operations both on the platform and on the proprietary product portfolio.”
Robert Ghenchev, Director at Novo Holdings, added: “This investment underscores Novo Holdings’ commitment to supporting companies developing cutting-edge science that makes a real difference to patients and society. We are genuinely excited about this investment and look forward to working with Oxford Biomedica and supporting the Group going forward.”
