Homology Medicines has found a source of fresh funding. With its share price in the doldrums and its cash runway nearing its final year, Homology is offloading manufacturing assets through a joint venture to raise $130 million for clinical development of gene therapies.
The deal will see Homology and U.K.-based lentiviral specialist Oxford Biomedica create a joint venture focused on adeno-associated virus (AAV) vectors. Homology is contributing its AAV process development and manufacturing platform, intellectual property, Boston plant and employees including Chief Operating Officer Tim Kelly. Oxford Biomedica is paying $130 million for an 80% stake in the new company.
