London based gene and cell therapy company focusing on development of gene-based medicines Oxford BioMedica (LON: OXB) has revised up its revenue estimates for the year after biopharmaceutical company AstraZeneca Plc. (LON: AZN) placed additional vaccine orders.
AstraZeneca and Oxford BioMedica signed an agreement for mass production of the COVID-19 vaccine developed by AstraZeneca and Oxford University.
The world is in a race to secure these vaccines hence AstraZeneca has been facing increasing demand of its vaccine forcing it to ramp up production and placing additional vaccine orders to Oxford BioMedica.
The increase in vaccine orders has pushed Oxford BioMedica to increasing its 2021 cumulative revenue from AstraZeneca forecasts from 50 million pounds ($70.91 million) to 100 million pounds ($141.82 million).
The two companies signed an 18-months vaccine supply deal in September last year.