Oxford BioMedica is a leader in lentivirus based gene technology and ongoing manufacturing deals (CTL019 with Novartis) underpin the valuation. We expect pipeline focus in the near term as OXB aims to optimise development via out-licensing or externally funded SPVs. The newly announced strategy takes into account the balance of risk versus reward for stakeholders (against the backdrop of the significant financial resources required over the next two to three years to advance OXB’s value, driving assets to the next stage). The recent net £10m equity fund-raising will extend the current cash runway beyond 2017 due to reduced R&D expenditure; further funding and value may arise from additional manufacturing or IP licensing deals. We value OXB at £173m.

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