EQT has opted not to proceed with a takeover offer for Oxford Biomedica after the British cell and gene therapy manufacturer rejected four separate proposals, Reuters reported.

Oxford Biomedica confirmed it had received two cash offers and an unlisted share alternative from EQT. The board determined that each proposal undervalued the company and declined to engage further.

The strategic interest from EQT earlier this year propelled Oxford Biomedica’s shares to their highest level since 2022. Following confirmation that the private equity group would not proceed, shares fell nearly 10% in premarket trading.

Oxford Biomedica, which spun out from the University of Oxford in 1995, expects annual revenue at the top end of its forecast range and anticipates returning to EBITDA profitability in 2025.

EQT’s decision reflects pricing discipline in a competitive healthcare environment where specialist assets command strong valuation expectations. The approach underscores continued private equity appetite for advanced cell and gene therapy platforms, even as boards maintain firm positions on long-term value.

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