Oxford Biomedica raises £60m to bolster US capacity

(Sharecast News) - Oxford Biomedica has raised £60m via a share placing and subcription to expand its US operations, the gene and cell therapy company announced on Friday. A total of 12.21m shares were placed at a price of 431p each, slightly below Thursday's closing price of 439.50p, while certain existing shareholders subscribed for 1.71m shares.

In total, the placing and subscription represented 13.1% of the issued share capital of the company.

OXB said the net proceeds from the fundraising would go towards expanding its US commercial-scale capacity and advancing process quality, productivity and yields.

"This will allow the Company to address growing client demand including visible near and medium-term opportunities across all clinical phases, including late-stage and commercial supply," OXB said.

Shares were up 1.9% at 447.83p by 0919 BST.