Oxford Biomedica: UK Would Be Mad To Restrict Flow Of Scientists Into The Country Post-Brexit

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Oxford Biomedica, a developing pharmaceutical company, has said that the United Kingdom “would be mad” to restrict the flow of scientists in the country. This comes as the firm reported a swing in its profit after landing a deal that amounted to $842 million (£643 million).

The biopharmaceutical company is listed in London. Last June, it signed the said multi-million-dollar deal with Axovant Science for its treatment for Parkinson’s disease.

Last February, it also signed a $105 million agreement that gives Bioverativ an access to its delivery platform in the field of haemophilia gene therapy.

Stuart Paynter, the chief financial officer of the company, stated: “The general consensus in the industry is that if the UK wants to position itself as a leader in innovation, they would be mad to restrict the flow of skilled scientists.”

He added: “But we are planning for the worst while hoping for the best.”

Paynter said that the toughest challenge of the company was being able to navigate the speed of its growth. He said that it was a “nice problem” and that many of its expanding workforces were composed of highly-skilled scientists.

The firm is based in Oxford. In 2004, it had 50 employees and it could reach a maximum of 500 in 2019 as it announced its plans for a fourth facility.

The upfront payments for the two deals that it has struck so far this year resulted in an increase of 118 percent in the gross income of the company to £36 million.

It recorded an operational profit of £9.4 million as compared with the £2.2m loss a year earlier.

Last month, the firm’s collaboration with Novartis to help administer Kymriah, a new leukemia treatment that is worth more than $100 million over three years. It has also progressed with the drug gaining the approval of the NHS last August.

John Dawson, the chief executive of the company, stated: “Oxford Biomedica has had a transformative year so far.”

He added: “The company’s significant progress is highlighted by the ongoing success of our collaboration with Novartis for Kymriah, as well as a number of new partnership agreements.”

The shares of the firm closed five percent up at 854.1p.