Oxford Biomedica PLC (LON:OXB) shares advanced after saying Danish life sciences investment firm Novo Holdings A/S bought a 10% stake in the gene and cell therapy group for £53.5mln.
Oxford said the proceeds of the investment will be used to repay debt and develop its LentiVector platform and other products.
READ: Two huge licensing deals help Oxford BioMedica swing to a first-half profit
“Novo Holdings is a well-known and highly regarded long-term investor with significant expertise in working with innovative, life sciences businesses to unlock their growth potential,” said chief executive John Dawson.
“This experience will be a great asset far beyond the financial commitment they have made to the group and their collaboration and support will be highly valuable as we seek to scale up our operations both on the platform and on the proprietary product portfolio."
Shares rose 7.8% to 742p in morning trading.