A new report says that a startup has played a key role in developing the Coronavirus vaccine at Oxford University.
The startup, Vacitech, was founded in 2016 by two Oxford scientists who built COVID-19’s power-boosting immunization technology, which the university licensed to AstraZeneca, According to The Wall Street Journal.
The newspaper reported on Sunday that the firm was offering investors about $ 700 million in value for the initial price offered.
But Oxford – which owns about 10 percent of Waitech – has reportedly put several hurdles in the company’s road to an IPO.
For one, Vacitec has not been able to get its hands on Oxford’s contract with Austrozeneca, which specifically agrees to produce and distribute the COVID-19 vaccine, the Journal says.
The contract includes legal and financial statements that are significant to the importance of Vacitech, which, according to the paper, was excluded from Oxford’s negotiations with Austrozeka.
TKtech has also reportedly battled the school to describe the company’s role in the development of the company’s shot. The company is seeking to approve the vaccine’s work in the manufacture of the vaccine from the university, along with its efforts to support early clinical trials and provide safety data to regulators, the journal says .
According to the report, the company also removed the stock list where Vacitech should list its stock.
Vaccitech and AstraZeneca both declined to comment for the journal, while Oxford did not respond to the paper’s requests for comment.
According to the WSJ, Oxford is one of more than 200 startups supported since the late 1980s. Going public will reportedly allow it to capitalize on its success with the COVID-19 vaccine, like other biotech firms including Novavax and Curevac.
The Journal reported that Vacitech owns the rights to the so-called viral vector technology that employs the Oxford / AstraZeneca vaccine. Shot uses an inactive cold virus from a chimpanzee to provoke an immune response to COVID-19 in the body.
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