Overview
McDermott Will & Schulte advised funds managed by Oaktree Capital Management, L.P. (“Oaktree”) in connection with a new four-year term loan facility of up to $125 million provided to OXB (LSE: OXB), a leading cell and gene therapy contract development and manufacturing organization (CDMO).
The facility includes $60 million in initial funding, the majority of which was used to refinance OXB’s existing $50 million loan facility with Oaktree. The agreement also provides for an additional $25 million available to support future business needs, and a further $40 million contingent on the achievement of certain revenue milestones.
OXB is a UK-headquartered, global quality and innovation-led CDMO dedicated to advancing cell and gene therapy through the development and manufacture of viral vector solutions. OXB has a strategic footprint with state-of-the-art facilities in the UK, the US and France with end-to-end capabilities across all development phases, from construct and plasmid design through to commercial-scale GMP manufacturing.
Oaktree is a leading provider of debt and royalty financing for the global life sciences industry. Since 2020, funds managed by Oaktree have committed over $5 billion across 41 investments for companies across the healthcare spectrum.
The McDermott team was led by Aymen Mahmoud, London-based partner and European Head of Finance, and Riley Orloff, partner in New York, with support from Christopher Smith, senior associate in London.
This transaction underscores McDermott’s cross-border capabilities in advising on complex financing arrangements in the life sciences sector.
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