With a probable approval for Novartis’s CTL019 (tisagenlecleucel) (OXB manufacture a key component) in both paediatric ALL and DLBCL on the horizon, Oxford BioMedica (OXB) is in position to crystallise a potentially significant revenue stream. Building on the original 2014 agreement with Novartis, the new commercial supply agreement for CTL019 includes $10m upfront and in excess of $90m in additional revenue over the next three years. Additionally, the company has refinanced its Oberland facility with Oaktree Capital Management to the tune of $55m (c $10m undrawn) on improved terms. Our valuation has increased to £251.6m (8.15p/share) vs £208.5m (6.75p/share), mainly as a result of updating CTL019 assumptions.

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