NEW YORK, June 15 (GenomeWeb News) - Sumitomo has completed its acquisition of Oxford Finance, which has backed several genomics companies, the companies said today.
Sumitomo Corporation of America, the US arm of the Japanese-based global trading giant, paid $77 million in cash and debt for Oxford Finance, according to the companies. The transaction, first announced Jan. 29, was approved in a May 28 shareholder meeting.
Oxford, privately held and based in Alexandria, Va., has provided financing to several life sciences tools companies, including US Genomics, Structural Genomix, and Cellular Genomics. The company said its has a total of 50 active portfolio companies.
Under the acquisition, Oxford will retain "operational independence," as well as its current management team," the companies said.
"With the closure of this transaction, Oxford will be able to provide its clients and venture capitalists with a direct link to the Japanese life science market for collaborative partnerships, distribution agreements and equity investments," Alden Philbrick, president and CEO of Oxford Finance, said in a statement.