A consortium consisting of the Swedish investment company Nordic Capital and the British Permira Holdings Limited increased the value of the takeover offer for the Danish biopharmaceutical company Bavarian Nordic A/S amid resistance from key investors. This is reported in a press release from Nordic Capital.
Nordic Capital considers the increase in the offer price to 250 kronor ($39) from 233 kronor per share to be final and does not intend to change its decision in the future.
Earlier, the consortium of Nordic Capital and Permira extended the deadline for accepting the takeover offer for Bavarian Nordic for 19 billion crowns ($3 billion) until October 14, 2025 in order to obtain final approval from regulatory authorities.
The extension of the offer period is due to pressure from key shareholders who disagree with the valuation of Bavarian. In particular, Denmark's largest pension fund, ATP, whose stake in Bavarian exceeds 10%, does not intend to support the deal, which may eventually block the takeover.
At the end of August 2025, the parties to the deal lowered the required consent level to 75% from the initial "more than 90%" in order to reduce investor influence. The completion of the transaction, which is subject to approval by the European Union, is expected in the fourth quarter of 2025.
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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