Oxford Biomedica plc announced a business update for the year ending 31 December 2023. Oxford Biomedica has made significant progress in its streamlining of operations to become a pure-play quality and innovation-led global cell and gene therapy CDMO. The Company has concluded the reorganisation of its workforce, which, among other measures to increase efficiencies, includes a more streamlined structure across the UK and US.

This organisational restructuring is tailored to boost efficiency and client-centricity, aligning roles and operations with the specific requirements of a pure-play CDMO. These strategic changes will result in a reduction of the ongoing cost base from 1 January 2024 by c.£30 million on an annualised basis compared to 2023. The Company continues to demonstrate robust business development activity, a testament to its strong position in the viral vector space.

This year, Oxford Biomedica has more than doubled the number of contracts and client orders signed compared to the previous year, reflecting a growing demand for its services from a diverse array of pharmaceutical and biotech clients. Current contracted.