London-listed cell and gene therapy Oxford Biomedica Plc (OTC:OXBDF) said it would form a viral vector manufacturing business with Homology Medicines Inc (NASDAQ:FIXX).
- Oxford Biomedica Solutions' Adeno-Associated Virus (AAV) Manufacturing and Innovation Business will be led by Tim Kelly as CEO and Chair of its Board of Directors.
- Kelly is currently the Chief Operating Officer of Homology.
- Oxford will pay Homology $130 million upfront and invest $50 million to fund Oxford Biomedica Solutions in return for an 80% stake.
- Homology will own 20% of the new company. The transaction is expected to close in Q1 2022.
- Oxford Biomedica said the venture would broaden its offerings with Homology's expertise in adeno-associated virus manufacturing.
- Price Action: FIXX shares are down 2.31% at $2.96 during the market session on the last check Friday.
