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Oxxon Therapeutics to be acquired by Oxford BioMedica for £16 million
Acquisition consolidates immunotherapy assets

Oxford, UK – 12 March 2007: Oxxon Therapeutics Limited (‘Oxxon’), a leading therapeutic vaccine company, announced today that it has entered into an agreement to be acquired by Oxford BioMedica (LSE: OXB, ‘Oxford BioMedica’), the publicly traded biopharmaceutical company, based in Oxford, UK. Oxford BioMedica is focused on the development of novel gene-based therapeutics particularly in oncology, including therapeutic vaccines, and neurotherapy.

The transaction values Oxxon at £16 million, to be satisfied by the issue of Oxford BioMedica shares.

The acquisition of Oxxon provides Oxford BioMedica with a cancer immunotherapy product candidate (Hi-8® MEL), which is complementary to its own TroVax product candidate which is in late-stage development. In addition, Oxxon's strong intellectual property estate broadens and complements Oxford BioMedica’s proprietary position in immunotherapy and gene-based medicines.

John Berriman, Executive Deputy Chairman of Oxxon, commented: 'The management and founders of Oxxon are very pleased that we have been able to secure the future of our products and technology by joining forces with one of the world’s leading companies in cancer vaccines and gene therapy. There is clear synergy between the two companies and, given Oxford BioMedica’s technical and development expertise, we believe that this combination maximises the opportunity for Oxxon’s technology.'

Craig Smith, Chairman of Oxxon, commented: 'We are very pleased with this transaction, which represents a highly satisfying outcome to the strategic initiative agreed just over a year ago between our Board and shareholders whose purpose was to secure the best possible future for Oxxon. I would like to thank John Berriman and his management team for their diligence and tenacity in executing our strategy and also our shareholders – principally Quester, MVM Life Science Partners and East Hill Management – for their support and confidence throughout, but especially during this key period of the company's development.”

Professor Alan Kingsman, Chief Executive of Oxford BioMedica, commented: “We are very pleased to have been able to take this opportunity to acquire of Oxxon Therapeutics. The acquisition expands our immunotherapy pipeline and strengthens our intellectual property position in the field of immunology. Oxxon’s Hi-8® MEL vaccine has generated encouraging Phase II results as a treatment of advanced melanoma. The market opportunity for an effective melanoma vaccine is substantial and this is a cancer type where our immunotherapy, TroVax, cannot be developed because, unlike the vast majority of human tumours, melanomas do not have 5T4 on the surface of the tumour cells. This acquisition is part of the implementation of a plan for the development of our pipeline following finalisation of a licensing deal for TroVax.”

Transaction details
The transaction is valued at £16 million, to be satisfied by the issue 27,551,628 Oxford BioMedica shares to Oxxon shareholders for the entire share capital of Oxxon and 4,219,618 shares for the repayment of a loan from Oxxon shareholders to Oxxon. The number of shares to be issued has been determined by a reference price of 50.36p per share, being the average closing price of Oxford BioMedica shares over the last 30 days to 8 March 2007.

25,814,138 of the issued shares will be subject to a lock up agreement for six months followed by a period of orderly disposal through Oxford BioMedica’s corporate brokers.

Application will be made to the United Kingdom Listing Authority ('UKLA') for the newly issued ordinary shares in Oxford BioMedica to be admitted to the Official List of the UKLA and to the London Stock Exchange plc for admission to trading on its market for listed securities ('Admission'). Under the terms of the UKLA listing rules the acquisition is a Class 2 transaction, which does not require shareholder approval. The transaction is conditional upon Admission.

For fu

Publisher Contact Information:

Oxxon Therapeutics Ltd
+44 (0)20 7638 9571

Company profile of Oxxon Therapeutics Ltd
Past press releases of Oxxon Therapeutics Ltd.


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