Oxford Biomedica pivots by laying off 200 people, acquiring ABL Europe amid declining total revenues
In its bid to become a pure-play cell and gene therapy CDMO, Oxford Biomedica is laying off 200 staff members in the UK and US, as well as initiating the process to acquire ABL Europe to further lean into the viral vector space.
In the face of declining overall revenues — by as much as 33% — Oxford Biomedica noted a silver lining in the increase in lentiviral vector sales, as per its half-year financial results released Wednesday. Its pure-play strategy means it would stop internal product development.
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