Oxford Biomedica has confirmed it has received an unsolicited takeover approach from private equity giant EQT, sending shares up by more than 15% to 928p today.
The life sciences group is now valued at around £1.13 billion, with its share price up 131.88% over the past year.
In a statement to the market, the MedTech said it is in preliminary discussions with EQT over a possible cash offer for the entire issued and to be issued share capital of the company.
However, it added that there is no certainty a firm offer will be made, or on what terms, and advised shareholders to take no action at this stage.
A member of the FTSE 250 index, the company is led by CEO, Dr Frank Mathias (pictured), and is a major player in the cell and gene therapy supply chain.
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It works with pharmaceutical and MedTech firms to develop and manufacture viral vectors used in next-generation treatments for conditions ranging from cancer to Parkinson’s.
The business also revealed EQT had made previous unsolicited proposals, but these were rejected after the board concluded they undervalued the business and its prospects.
The Swedish giant, which manages €267bn (£231bn) in assets, has made a number of major healthcare investments in recent years, including the £4.5bn acquisition of Dechra Pharmaceuticals and ownership of European veterinary group IVC Evidensia.
Its most recent European takeover came in 2024, when it led a consortium that bought Irish video games firm Keywords Studios for £2.2bn.