EQT Corporation announced that it has withdrawn its takeover offer for Oxford Biomedica, the British cell‑and‑gene therapy contract development and manufacturing organization (CDMO). The decision follows a unanimous rejection by Oxford Biomedica’s board, which stated that the proposals undervalued the company and its prospects and fell short of a recommendable level.
Oxford Biomedica’s board explained that the offers were too low, citing the company’s strong standalone growth trajectory. 2025 revenue rose 30% to between £166 million and £169 million, and the company’s revenue backlog reached £204 million. 2026 guidance projects revenue of £220 million to £240 million, with operating EBITDA margins expected to exceed 10% and reach at least 20% in 2027, underscoring the board’s confidence in the firm’s future.
EQT had expressed interest in Oxford Biomedica because of its pure‑play viral vector capabilities and robust demand in the cell and gene therapy market. The withdrawal triggers a six‑month restriction under Rule 2.8 of the City Code on Takeovers and Mergers, preventing EQT from making another offer for the company unless the board consents to a new proposal or a third party signals a firm intention to bid.
Investors reacted negatively as the removal of the takeover premium eliminated the speculative upside that had driven the share price higher in the days leading up to the announcement. The market’s response reflects the importance of the premium that had been attached to the potential acquisition.
Oxford Biomedica’s board reiterated its commitment to pursuing growth independently, noting that the company’s scalable end‑to‑end capabilities, sustained high demand, and robust pipeline position it well for continued expansion.
EQT expressed appreciation for the engagement with Oxford Biomedica’s board and management team, thanking them for their time and consideration of the potential transaction.
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