Business Description

OXGENE™ has leading expertise in gene therapy, gene editing and antibody discovery. Its expert teams excel in mammalian cell engineering solutions, coupled with bioinformatics and automation to build robust and efficient biotechnology solutions. OXGENE™ is a trading name of Oxford Genetics LTD

Rationale for Investment

Opportunity to accelerate the discovery, development and manufacture of new cell and gene therapies. OXGENE’s technologies and solutions aim to reduce the overall cost of goods involved in the manufacture of these new treatment types and so increase patient accessibility.

Exit – March 2021

Mercia held a 32.1% direct holding in OXGENE at the date of completion and will receive cash proceeds of £30.7million, its largest cash exit to date. The sale results in a realised gain of £14.6million above the  £16.1million direct investment holding value as at 30 September 2020. The sale has generated a 5x return on Mercia’s direct investment cost of £6.1million and a 51% internal rate of return (“IRR”).




  • The team

    Dr David Hames – Non-exec Chair
    Dr Ryan Cawood – CEO
    Jocelyne Bath – COO

  • Investment

    £6.1million since 2013

  • Rationale

    Opportunity to be a leading developer, supplier and licensor of a catalogue of synthetic biology technologies (plasmids, cell lines, kits) and products (viral, gene editing, antibody).