Oxford Biomedica confirmed on 14 January that it had received an unsolicited approach from EQT's tenth flagship buyout fund about a possible cash offer for the company and that preliminary talks were under way.
Why EQT X fund is buying Oxford Biomedica plc
EQT did not set out its rationale publicly. OXB is a contract development and manufacturing organisation specialising in viral vectors for cell and gene therapies.
Deal terms and financing
No price was disclosed. OXB's board said it had rejected earlier proposals as undervaluing the company and its prospects and was engaging to see whether EQT could make a proposal it would be minded to recommend. In total the board received four proposals, including a possible cash offer and one with an unlisted share alternative.
Regulatory approvals and timing
Under Rule 2.6 of the Takeover Code EQT had until 5pm on 11 February to announce a firm intention to make an offer. On 25 February 2026 EQT confirmed it did not intend to make an offer, binding it under Rule 2.8, after OXB's board unanimously concluded, following consultation with key shareholders, that the proposals undervalued the company.
Market context
OXB shares fell about 6% on the afternoon EQT withdrew, trading at about 641p.
