Oxford Biomedica expands expertise with acquisition of ABL Europe
Oxford Biomedica told investors it had struck a deal with public health giant Institut Mérieux to buy cell and gene therapy group ABL Europe for €15 million in shares.
The acquisition will consolidate Oxford Biomedica's operations into a global pure-play contract development and manufacturing organisation (CDMO) in cell and gene therapy and establish a footprint within the European Union.
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Oxford Biomedica said the transaction, earmarked to complete in the first quarter of 2024, was expected to be immediately revenue accretive and forecasted revenues for ABL Europe for the year to end-2023 are around €15 million.
"The acquisition of ABL Europe strengthens Oxford Biomedica's operations into a global pure-play CDMO in the cell and gene therapy space," said Dr Frank Mathias, the CEO of Oxford Biomedica in a statement.
"We will now be establishing a significant presence in the EU, while also freeing up Oxford Biomedica's capacity to better serve our growing client demand worldwide.
"We look forward to realising the operational and commercial synergies of this acquisition in 2024 and beyond."
ABL Europe is specialised in developing and manufacturing solutions for biotechs and biopharma including viruses for gene therapy, oncolytic viruses and vaccine candidates.
Also in the statement, the company said Institut Mérieux intended to increase its current ownership in Oxford Biomedica from 3.3% to around 10% of the enlarged issued share capital by the end of the third quarter of 2024
Institut Mérieux has a presence in 45 countries and employs 22,000 people around the world and achieves a turnover of €4.3 billion.
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