(Reuters) - Britain's Oxford Biomedica Plc said on Friday it would form a viral vector manufacturing business with U.S.-based Homology Medicines, and would acquire an 80% stake in the new firm valued at about 175 million pounds ($234 million) including debt.
The London-listed cell and gene therapy firm said the venture would broaden its offerings with Homology's expertise in adeno-associated virus manufacturing. Oxford Biomedica said it would fund the deal partly through an $85 million loan.
Oxford Biomedica, also a contract manufacturer for AstraZeneca (NASDAQ:AZN) and Oxford University's COVID-19 vaccine, added that it was in talks with the Anglo-Swedish drugmaker over an extension to their current supply agreement.
Oxford Biomedica and AstraZeneca had signed an 18-month deal for supply of the coronavirus vaccine in September 2020.
Oxford Biomedica on Friday also named its Chair Roch Doliveux as interim chief executive officer, days after John Dawson said he would step down after 13 years at the helm.
($1 = 0.7467 pounds)