Regex to strip spaces and SGML tags

A DBA coworker wanted some regex to strip SGML tags and spaces from a database for some reports he was doing.

He wanted to turn this: 

BiScO₃:<html_ent glyph=”@nbsp;” ascii=” “></html_ent> Centrosymmetric BiMnO₃-type Oxide

into:

BiScO3:CentrosymmetricBiMnO3-typeOxide

So, I came up with this pattern: <(.|\n)*?>|\s and tested it at http://www.regextester.com.

Apparently, in Oracle 10g, you can use the REGEXP_REPLACE function to do some nifty lookups and transformations.