The discussions follow an “unsolicited” possible cash offer, though there is no guarantee a formal bid will be made. Shares in Oxford Biomedica surged 8.8 per cent to 804p on Wednesday, valuing the business at around £892 million. The stock has risen more than 20 per cent over the past month amid takeover speculation.
Founded in 1995 as a spin-out from the University of Oxford, Oxford Biomedica operates as a contract development and manufacturing organisation in the cell and gene therapy sector. The company separated its product development business in March 2023 under CEO Frank Mathias, focusing purely on manufacturing and development services.
During the Covid-19 pandemic, Oxford Biomedica partnered with AstraZeneca to help manufacture the Oxford University vaccine, a move that bolstered the company’s profile and finances. However, a downturn in the biotech market and changes in leadership later led to lowered forecasts and a dip in its share price.
Recent developments have helped revive the company’s prospects, including a £60 million fundraising, re-entry into the FTSE 250, and a strategic US acquisition. Major shareholders include US investor Briarwood Chase Management with 15.5 per cent and Novo Holdings, the controlling shareholder of Novo Nordisk, with around 10 per cent.
EQT has a history of healthcare investments, including the £4.5 billion acquisition of FTSE 100 company Dechra Pharmaceuticals and ownership of IVC Evidensia, Europe’s largest veterinary group.
Oxford Biomedica, advised by Evercore and Jefferies, said discussions with EQT are at an early stage. The board stated: “There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.” EQT declined to comment.
