(Alliance News) - Oxford BioMedica PLC announced on Monday it had exchanged contracts for the sale and leaseback of its Windrush Court facility to Kadans Science Partner for GBP60 million.
Kadans have granted the Oxfordshire, England-based gene and cell therapy group a 15-year occupational lease at a rent of GBP3.5 million per year, rising to GBP4.7 million after five years and subject to a market rent review after 10 years.
The sale proceeds exceeded Oxford BioMedica's target of GBP55 million, allowing its cash position to strengthen to more than GBP150 million. The net book value of the Windrush Court facility was GBP7.9 million.
"The proceeds of the transaction will enhance our net cash position, providing us with additional financial flexibility as we build our leadership as an innovation-led [contract development and manufacturing organisation] across all viral vectors for cell and gene therapy," said Stuart Paynter, Chief Financial Officer of Oxford BioMedica.
The Windrush court facility consists of around 75,000 square feet of office space, including state-of-the-art laboratories. It currently houses Oxford BioMedica's analytical services group and process research and development functions.
Shares in Oxford BioMedica were up 1.7% to 332.50 pence in London on Monday afternoon.
The sale is due to complete on Friday.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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Oxford Biomedica (OXB)