Private equity group EQT is in talks with Oxford BioMedica over a possible takeover of the FTSE 250 gene and cell therapy group as the buyout sector continues to target Europe’s listed companies.
The Oxford-headquartered company, also known as OXB, on Wednesday said it had received an unsolicited approach from EQT and was in preliminary discussions with the buyout group over a possible cash offer.
EQT has until February 11 to make a firm offer for the group, which has a market capitalisation of more than £900mn.
Oxford BioMedica said EQT had also made previous unsolicited proposals to buy the company but it had rejected them because it deemed them to undervalue the business.
EQT’s latest approach follows several deals by global buyout firms to take European public companies private as the industry seeks to profit from the continent’s relatively cheap stocks.
British private equity group Permira saw off competition from US rival Warburg Pincus in November to seal a £2.7bn deal to acquire UK-listed fund administrator JTC.
In August KKR trumped its US peer Advent in a drawn-out bidding war, with an offer valuing UK scientific instruments maker Spectris at about £4.8bn.
Stockholm-listed EQT, which manages €267bn in assets across private equity, infrastructure and real estate, last completed a European take-private in 2024 when it led a consortium that bought Irish video games company Keywords Studios in a £2.2bn deal.
The buyout group in 2023 agreed a £4.5bn buyout of London-listed veterinary pharmaceuticals group Dechra, in one of the largest leveraged buyouts agreed in Europe that year.
Oxford BioMedica develops and manufactures the viral vectors for cell and gene therapies on behalf of pharma and biotech groups, focusing on autoimmune disorders and the field of oncology.
The company — founded in 1995 and spun out of Oxford university — has manufacturing sites in the UK, Europe and the US.
The shares rose 8.8 per cent on Wednesday. Its shares have almost doubled in value over the past year.
EQT declined to comment.
