Sale of OXGENE delivers strategic objective of ‘evergreening’ Mercia’s balance sheet

Mercia’s sale of OXGENE is a great example of how Mercia’s EIS funds and its balance sheet proprietary capital work together to provide superior returns. The exit, which was announced in March 2021, reaffirms the significant opportunity and value creation potential offered by Mercia’s ‘funds first’ hybrid investment model, which is focused on promising regional companies. We refer to this as ‘the thriving regions’ and it follows the same format as our exit from The Native Antigen Company.

Mercia held a 32.1% direct holding in the business prior to completion, receiving cash proceeds of £30.7million, our largest cash exit to date.