Nordic Capital, Permira make $3 billion offer for vaccine maker Bavarian Nordic
Innosera, a newly formed company controlled by the consortium, will make an offer of 233 Danish crowns per Bavarian Nordic share. The Danish company is recommending the offer to its shareholders.
The offer price marks a premium of 21% compared to the stock's closing price last Wednesday and values the deal at about 19 billion crowns ($2.98 billion), Bavarian said in a statement.
Shares of Bavarian, which specializes in vaccines for mpox, smallpox and other infectious diseases, had gained 21% since Thursday when it confirmed it was in talks with Nordic Capital and Permira over a potential bid. They opened 2% higher on Monday at 238 crowns per share.
Kempen analysts said in a research note that the offer price came below their 300 crown target price, but the premium was fair considering uncertain U.S. market conditions and the fact Bavarian relies mostly on its contract-based public-preparedness business.
Bavarian is a key supplier to governments globally, including public health preparedness programmes in the United States.
The deal will be subject to customary conditions, including that Innosera needs to own or have valid acceptances for more than 90% of Bavarian Nordic's voting rights and shares at the end of the offer period, the group said.
Danish pension fund ATP, which holds a 10% stake in Bavarian according to LSEG data, told Reuters that it had no interest in accepting the offer.
"Neither the timing nor the price of the presented offer reflects the opportunities we see in the company," Claus Berner Møller, vice president for Danish Equities at ATP, said in an emailed statement.
Upon completion of the offer, expected in the fourth quarter of 2025, the consortium intends to delist Bavarian Nordic's shares from Nasdaq Copenhagen.
($1 = 6.3711 Danish crowns)
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