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LONDON—The Oxford startup behind AstraZeneca PLC’s Covid-19 vaccine has raised $168 million in new funding, which it plans to use to adopt its vaccine technology for the treatment of other diseases.

The move is a step in Vaccitech Ltd.’s preparations for going public as soon as this year, according to people familiar with the plans. The moves were first reported by The Wall Street Journal.

Image: Royal Navy personnel administer the Oxford-AstraZeneca Covid-19 vaccine at a center in Bath, England. PHOTO: BEN BIRCHALL/ZUMA PRESS