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OGT named Oxford Bioscience Network’s Best Medtech Dealmaker
Oxford Gene Technology (OGT), the molecular genetics company based at the University of Oxford Begbroke Science Park, has won the Best Medtech Dealmaker award for the second year in a row at the Oxford Bioscience Network (OBN) awards held on Thursday 2 October. The award recognises OGT’s acquisition of Cambridge-based Cytocell Limited (Cytocell), a leading provider of DNA technology for the detection of gene rearrangements related to inherited genetic disease and cancer.
The acquisition, which took place in March 2014, enables OGT to increase its genomic medicine offering by enabling entry into the complementary and rapidly growing market for fluorescence in situ hybridisation (FISH) products. Through leveraging its dedicated sales and support infrastructure, OGT now sells Cytocell products directly in North America, providing enhanced service and promotional capabilities.
By acquiring Cytocell, OGT has been able to combine the two companies’ expertise and reach. In addition, access to Cytocell’s proprietary collection of 34,000 Bacterial Artificial Chromosome (BAC) clones provides a unique source of potential products. OGT is already utilising its expanded resources and cross portfolio synergies to develop and promote a number of new products.
Dr Jon Rees, CEO of OBN commented, “The quality of nominees continues to rise year on year and compiling a shortlist and picking winners gets harder. The award of Best Medtech Dealmaker to Oxford Gene Technology reflects what has been a highly successful move for both OGT and Cytocell. To win this award twice in consecutive years makes a real statement about OGT’s ambition, strong business model and strategy.”
Tim Hall, CFO of OGT said, “The acquisition of Cytocell represents our commitment to becoming a global leader in genomic medicine. We are very grateful to the OBN for recognising the opportunity and the value of the deal. Cytocell’s innovative DNA technology and strong brand has added to our portfolio of class-leading genomic technologies, and we are already seeing the benefits.”
The Cytocell acquisition has significantly increased OGT’s sales of genomic products which grew by over 75% in the year ending 30 September 2014.
For more information, please contact:
Oxford Gene Technology
Stephen Archibald, Director of Communications
T: +44 (0) 1865 856826