• Mon. May 20th, 2024

Oxford Biomedica plans to raise £55m from selling Cowley facility

Byoxfordnewspaper

Sep 17, 2022

Covid vaccine firm Oxford Biomedica will cut jobs and sell then lease back its Cowley facility in a cost-cutting drive, it has been reported.

The pharmaceutical research company hopes to raise more than £55m from selling then leasing back its Windrush Court buildings off Garsington Road.

It will also ‘right-size’ the number of staff working for the research giant, which was said to have risen from 744 to 959. Recruitment had been frozen at the company, Oxford Biomedica said in an interim results announcement.

Revenues fell by a fifth to £64m in the first half of the year, compared to the same period in 2021. The company cited a reduction in the manufacture of the Covid-19 vaccine for the reason behind the drop in revenues.

However, chief executive Roch Doliveux said new partnership deals meant a 70 per cent rise in the number of customers.

“Oxford Biomedica is in an excellent position to achieve long-term future profitable growth,” he said.

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This story was written by Tom Seaward. He joined the team in 2021 as Oxfordshire's court and crime reporter.

To get in touch with him email: Tom.Seaward@newsquest.co.uk

Follow him on Twitter: @t_seaward