Serum Institute of India is the vaccine producer that will invest 50 million pounds ($68.24 million) in Oxford Biomedica, one of the COVID-19 vaccine manufacturers for drug major AstraZeneca, the British cell therapy firm said.

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The proceeds of the transaction will be used to fund the development of the fallow area at Oxbox, the group’s 84,000 sq. ft manufacturing facility based in Oxford, UK, into a flexible advanced manufacturing space and the validation of several independent cGMP suites, expected to come online in mid-2023.