The boss of Oxford Biomedica is to reposition the company as a “pure-play” contract drugs manufacturer as he unveiled a new, long-awaited strategy.
Frank Mathias, 61, who took charge in March, made a large cut to Oxford Biomedica’s forecasts this year and outlined a renewed cost-cutting drive that includes about 170 job losses in Oxford. He also gave details on an acquisition to expand the business in Europe and longer-term growth forecasts.
Oxford Biomedica is a cell and gene therapy specialist spun out of Oxford University in 1996. One of Britain’s more successful biotech companies, its finances, share price and profile were all boosted as it manufactured Covid-19 vaccines for AstraZeneca, but its stock has since slumped amid a drop in revenues from Covid
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