A consortium consisting of the Swedish investment company Nordic Capital and the British Permira Holdings Limited refused to take over the Danish biopharmaceutical company Bavarian Nordic A/S for $2.99 billion. This is reported in a press release from Nordic Capital.
The decision was made taking into account the insufficient support from investors. According to the preliminary results, the number of shares put up for sale was 60%, which is below the established threshold of 66%, despite an increase in the bid price by 7% to 250 kronor per share.
Shares of Bavarian Nordic fell by 20% after the announcement, which ended months of negotiations. Earlier, the opposition of shareholders who disagree with the valuation of Bavarian forced Nordic Capital and Permira to lower the required consent level to 75% from the initial "more than 90%" and extend the deadline for accepting the offer by two weeks until October 14, 2025. In particular, Denmark's largest pension fund, ATP, whose stake in Bavarian exceeds 10%, refused to support the deal.
In 2025, Bavarian shares increased by 25%, increasing the company's market value to $2.9 billion. The United States and Canada account for 56% of Bavarian's revenue, and Germany is the largest market for Bavarian vaccines in Europe.
Nordic Capital is a Swedish global private equity firm in Northern Europe and North America. The company manages assets of $50 billion. The headquarters is located in Stockholm (Sweden) with offices in New York, London, Frankfurt, Copenhagen, Helsinki and Oslo.
Permira is a British global investment company in the fields of technology, consumer market, healthcare, climate and finance. The headquarters is located in London (England). The company manages assets worth 80 billion euros.
Bavarian Nordic A/S is a Danish integrated biotechnology company for the development and production of vaccines. The headquarters is located in Hellerup (Denmark) with production facilities in Kvistgård (Denmark) and Therishaus (Switzerland). The company also has research and development centers in Martinsried (Germany) and offices in the USA, Canada and France.
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