(RTTNews) – Oxford BioMedica PLC (OXB.L: News ) said it agreed to buy a manufacturing facility based in UK from RecipharmCobra Biologics, the biologics division of Recipharm AB, for a purchase price of £1.9 million.
The acquisition and operation of the manufacturing facility is a planned use of proceeds following the company’s recent £20 million fundraising which closed on 10 January 2011. The acquisition of the facility is anticipated to be completed by the end of February 2011.
In addition, the acquisition will also reduce the company’s dependence on a single manufacturing source for its growing clinical portfolio and facilitate the rapid implementation of improved manufacturing processes at increased scale.
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