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Barcelona-based biotech company to relocate to Madrid

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Barcelona-based biotech company to relocate to Madrid
Photo: nikesidoroff/Depositphotos
10:27 CEST+02:00
Oryzon, a biotech company founded in Barcelona in 2000, announced only two days after the Catalan referendum that it would relocate its Spanish head office to Madrid.

The company made no reference to the ongoing uncertainty in Catalunya, instead stating the relocation was "in order to optimize its operational effectiveness and the relationship with its investors," according to a statement released by Spain's National Stock Market Commission. 

Oryzon is a European leader in epigenetics, the study of certain heritable genes and how they are transferred. The company has also developed therapy to treat cancer and neurodegenerative diseases, according to a report in Spain's daily El Pais. 

Its new offices will be on Carrera de San Jerónimo in the centre of Spain's capital. The company has modified its own internal laws to relocate and be based in Madrid.

The move has already paid dividend too. The value of Oryzon's shares increased 8 percent overnight on the Spanish stock exchange following the relocation announcement. 

While the company did not in any way say the move was related to the unrest in Catalunya, a May 2017 Oryzon press release, which discusses future targets and plans, does not make reference to any relocation plans, suggesting the move was prompted by the political uncertainty. 

The company, which has an office in Cambridge – Massachusetts – is however considering a public offering in the US to attract investors according to the statement

Other major companies have hinted they could relocate if the stalemate is not resolved and it is deemed necessary. Catalunya-based bank CaixaBank said it would take all decisions "to protect the interests of its clients, shareholders and staff," according to an internal communication allegedly seen by El Pais. 

READ MORE: IN PICTURES: Day of protest across Catalonia

 

 

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