Serum Institute to invest $68 million in Oxford Biomedica

The Serum Institute of India (SII) will invest 50 million pounds ($68 million) in Oxford Biomedica to help fund the development of a plant that manufactures COVID-19 shots, the British company said yesterday.

Serum Life Sciences, a unit of SII, will pick up a 3.9 per cent stake in Oxford Biomedica as part of the deal.

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.

The Oxbox plant currently makes COVID-19 shots, and the new space is expected to include a capacity to produce viral vector-based products including vaccines, Biomedica said.

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.

A representative for SII did not immediately respond to Reuters’ request for a comment.

For Serum, the deal is the second in as many weeks, following its planned purchase of a 15 per cent stake in Biocon’s Biologics unit.