Tuesday, January 30, 2024
Oxford Biomedica plc (LSE: OXB) has successfully completed the acquisition of ABL Europe SAS from Institut Mérieux SA, solidifying its standing as a leading cell and gene therapy Contract Development and Manufacturing Organization (CDMO). This strategic move enhances Oxford Biomedica's global presence by establishing a strong footprint within the European Union, with facilities in Lyon and Strasbourg, France. The acquisition encompasses ABL Europe's expertise in Adenovirus, Lentiviral vectors, AAVs, MVA, and Vaccinia.
As per the agreed terms, ABL Europe was acquired for €15 million, with €10 million provided by Institut Mérieux in pre-completion cash funding. In return, Institut Mérieux received 3,149,374 new ordinary shares, constituting 3.2% of the enlarged issued share capital. These shares have been admitted to the premium listing segment of the Financial Conduct Authority's Official List and are now trading on the main market for listed securities of the London Stock Exchange.
Institut Mérieux, which already held a 3.3% stake in Oxford Biomedica before the acquisition, aims to become a major shareholder, targeting approximately 10.0% ownership by the end of Q3 2024.
The acquisition broadens Oxford Biomedica's development, manufacturing, and testing capabilities, particularly in process and analytical development and early-stage manufacturing. There is no significant change to the 2023 financial guidance provided earlier, and medium-term financial guidance, considering the impact of the acquisition, will be issued in due course.
Dr. Frank Mathias, CEO of Oxford Biomedica, expressed enthusiasm about incorporating ABL Europe into the company, emphasizing the potential to serve more clients and expand both development capacity and geographical presence. Michel Baguenault, CEO of Institut Mérieux, conveyed confidence in Oxford Biomedica's potential to ensure ABL Europe's long-term development and highlighted the growth opportunities this transaction presents for ABL Europe in serving biopharma and biotech companies.
Source: globenewswire.com
