Private equity firm EQT has walked away from its attempted takeover of Oxford Biomedica after the British cell and gene therapy manufacturer rejected four separate offers, Reuters reported. The board determined each proposal undervalued the company and declined to engage further.

Oxford Biomedica confirmed it received two cash offers and an unlisted share alternative from EQT. The strategic interest earlier this year had pushed the company's shares to their highest level since 2022. However, following confirmation that EQT would not proceed, shares fell nearly 10% in premarket trading.

Oxford Biomedica, 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.