India's Serum Institute to invest $68 million in UK vaccine maker Oxford Biomedica

Serum Institute of India to invest $68 million in UK's Oxford Biomedica
Serum Institute of India to invest $68 million in UK's Oxford Biomedica   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p> -Vaccine maker Serum Institute of India (<span class="caps">SII</span>) will invest 50 million pounds ($68 million) in Oxford Biomedica to help fund the development of a plant that manufactures <span class="caps">COVID</span>-19 shots, the British company said on Wednesday.</p> <p>Serum – the world’s largest vaccine manufacturer by volume – and Oxford Biomedica both produce AstraZeneca’s <span class="caps">COVID</span>-19 vaccine. </p> <p>Serum Life Sciences Ltd, a unit of India-based <span class="caps">SII</span>, will pick up a 3.9% stake in Oxford Biomedica as part of the deal.</p> <p>Oxford Biomedica, spun off from Oxford University in 1995, said it would use the funds to develop the fallow area at its Oxbox plant into a manufacturing space expected to come online in mid-2023.</p> <p>The Oxbox plant currently makes <span class="caps">COVID</span>-19 shots, and the new space is expected to include a capacity to produce viral vector-based products including vaccines, Biomedica said.</p> <p>Shares of the British firm were up 5% on the London Stock Exchange, as of 0745 <span class="caps">GMT</span>.</p> <p>Serum’s investment comes four months after Oxford Biomedica doubled its sales estimates from the AstraZeneca shot to more than 100 million pounds by 2021-end.</p> <p>A representative for <span class="caps">SII</span> did not immediately respond to Reuters’ request for a comment.</p> <p>For Serum, the deal is the second in as many weeks, following its planned purchase of a 15% stake in Indian drugmaker Biocon’s biologics unit. </p> <p>The Oxford-based company said on Wednesday it swung to a profit after its half-yearly revenue more than doubled. </p> <p>($1 = 0.7327 pounds)</p> </div>