Oxford BioMedica a target for Sanofi?
UK gene therapy company Oxford BioMedica, which has been a conspicuous casualty of the "flight from risk" seen in financial markets, got a shot in the arm on rumors that French drug major Sanofi-Aventis is seeking to buy the firm. The news, on February 11, sent Oxford BioMedica's share price leaping 26.7% to 23.75 pence. Its stock has fallen around 60% over the past six months.
Fuelling the speculation is the fact that the UK firm licensed its anticancer vaccine TroVax to Sanofi-Aventis last year, in a deal that could be worth a potential 518.0 million euros ($750.8 million) to Oxford BioMedica on the basis of upfront, milestone and escalating royalty payments (Marketletter April 2, 2007).
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