LONDON (Alliance News) - Oxford BioDynamics PLC on Wednesday said a Chinese investment management firm has invested GBP9.8 million in the company.
GL Capital Group, which focuses on healthcare firms, has made the investment in return for a 5% stake, and Oxford BioDynamics said this is GL's first European investment.
The agreement, Oxford BioDynamics said, will allow it to access the Chinese personalised healthcare market.
The deal will see GL recommend the company business partners in China, and GL has a right to appoint a director to Oxford BioDynamics' board, likely in a non-executive capacity.
Oxford BioDynamics Chief Executive Christian Hoyer Millar said: "We are delighted to announce this agreement with GL Capital Group, which builds on our strategy to increase our global reach. We identified Asia as a core focus for international expansion and this co-operation agreement will allow us to address the many opportunities that we see in this region.
"We have been impressed by the depth of scientific and commercial understanding GL have shown in our interactions to date, and we are convinced they are the right strategic partner as we begin to engage with the important Chinese market."
Hoyer Millar added: "It is an honour for OBD they have chosen to make us their first major European investment. The funds will be utilised to further drive development of OBD's EpiSwitch technology globally."
Shares were 2.8% higher on Wednesday at a price of 215.96 pence each.
Oxford Biodyn (OBD)