Last checked at 3 Feb 2020 17:04
Class 2 Transaction Announcement
Oxford, UK - 03 February 2020: Oxford Biomedica plc (LSE:OXB) ("Oxford Biomedica" or "the Group"), a leading gene and cell therapy group, announces today that it has sold in the market a total of 635,000 American Depositary Shares ("ADS") in Orchard Therapeutics plc ("Orchard") realising gross cash proceeds of US$8.4 million.
As detailed in note 8 of the Group's interim results issued on 4 September 2019 the Group held the Orchard ADS on its balance sheet as an available-for-sale asset with an aggregate fair value of £9.6 million. The further 254,872 ADS that the Group continues to own had a balance sheet value as at the 30th June 2019 of £2.8 million and continue to be held as an available-for-sale asset.
The Group is currently retaining the proceeds from the sale of these Orchard ADS on deposit to fund potential future growth opportunities.
In 2016 Oxford Biomedica first received equity in Orchard in consideration for licences granted under a strategic alliance and further equity was received in 2018 upon the achievement of certain milestones. Orchard is a gene therapy company dedicated to transforming the lives of patients with serious and life-threatening rare diseases and floated on NASDAQ in November 2018. Oxford Biomedica's strategic alliance remains unchanged with Orchard for the development of gene therapies.
This announcement is made in accordance with the Group's disclosure obligations pursuant to Chapter 10 of the Listing Rules.
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Enquiries: |
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Oxford Biomedica plc
John Dawson, Chief Executive Officer Stuart Paynter, Chief Financial Officer Catherine Isted, Head of Corporate Development & IR
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T: +44 (0)1865 783 000 T: +44 (0)1865 783 000 T: +44 (0)1865 954 161 / E: ir@oxb.com
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Consilium Strategic Communications
Mary-Jane Elliott/Matthew Neal |
T: +44 (0)20 3709 5700 |
About Oxford Biomedica
Oxford Biomedica (LSE:OXB) is a leading, fully integrated, gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford Biomedica and its subsidiaries (the "Group") have built a sector leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology, CNS disorders, liver diseases and respiratory disease. The Group has also entered into a number of partnerships, including with Novartis, Sanofi, Axovant Gene Therapies, Orchard Therapeutics, Santen, Boehringer Ingelheim, the UK Cystic Fibrosis Gene Therapy Consortium and Imperial Innovations, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford Biomedica is based across several locations in Oxfordshire, UK and employs more than 480 people. Further information is available at www.oxb.com