Oxford BioMedica Gains Buy Rating, £8.27 Price Target

Jefferies Sets £8.27 Target, Citing Bristol Myers Squibb Deal

On March 23, 2026, Jefferies resumed coverage of Oxford BioMedica (LSE: OXB) with a 'buy' rating, setting a price target of £8.27. The new target represents a potential 41% upside from the cell and gene therapy manufacturer's £5.88 share price at the time of the report. The investment bank lifted its medium-term earnings estimates for OXB by 4% and increased its price target by approximately 20%.

The positive reassessment is directly linked to a newly announced manufacturing agreement with US pharmaceutical giant Bristol Myers Squibb. Jefferies identified the deal as a critical de-risking event, providing greater confidence in Oxford BioMedica's strategy and its trajectory toward sustained profitability.

Global Expansion Underway with March 18 APAC Licensing Deal

Jefferies' upgrade follows other significant strategic developments for Oxford BioMedica. On March 18, 2026, the company secured a five-year licensing and option agreement with Australia's Viral Vector Manufacturing Facility (VVMF). The deal provides VVMF with access to OXB’s proprietary inAAVate™ platform and an option to license its LentiVector™ platform, establishing a crucial foothold for OXB in the Asia-Pacific (APAC) region.

This partnership not only extends the global reach of Oxford BioMedica's advanced viral vector technologies but also strengthens its revenue model. In return for its intellectual property, OXB will receive a low single-digit million licence fee and is eligible for future payments tied to the platform's use. The move allows OXB to capitalize on growing global demand for gene therapy manufacturing, particularly in the fast-growing APAC market.

Positioned for Growth from Global Healthcare Investment

Oxford BioMedica's recent corporate milestones align with powerful long-term secular growth trends in global healthcare. The company is well-positioned to benefit from initiatives like China's 15th Five-Year Plan, which prioritizes investment in biotechnology, genetic research, and advanced medicine. As a specialized leader in the viral vectors that enable many of these life-changing therapies, OXB's expertise directly serves these national strategic goals.

This alignment with major structural investment themes provides a strong tailwind for the company. The validation from partners like Bristol Myers Squibb and Jefferies, combined with its strategic expansion, reinforces the investment thesis that Oxford BioMedica is a key enabler of innovation within the rapidly advancing healthcare and life sciences industries.