Oxford BioMedica rejects takeover bid
Shares in Oxford BioMedica rose 19% to 10.25 pence on August 16, after the UK gene medicine firm rejected a takeover bid from US company GeneThera.
The move was greeted with confusion by many as the small-cap Colorado-based firm specializes in agricultural diagnostics, so there would be little synergy between the two. In addition, Oxford BioMedica's market value is roughly $102.6 million while GeneThera has a value of $210,000, according to Bloomberg news.
GeneThera offered 35 pence a share for the UK company, a 300% premium on its share price before the news was announced. Oxford BioMedica's shares tumbled last month after its Trovax cancer vaccine, partnered with Sanofi-Aventis, disappointed in a late-stage renal cancer study. The firm dismissed GeneThera, stating that the company was not a "credible bidder."
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