Nordic Capital and Permira have unveiled a groundbreaking all-cash voluntary public takeover offer to acquire Bavarian Nordic A/S, a leading vaccine manufacturer, for a substantial $3 billion. This move signifies a 21% premium over the share price as of July 23, 2025, and up to a 37.4% premium compared to the six-month volume-weighted average. The consortium’s strategic plan includes delisting Bavarian Nordic post-acquisition and pursuing a compulsory acquisition if they reach the 90% ownership threshold.
The offer is subject to standard conditions and regulatory approvals, with the board unanimously endorsing it. However, challenges may arise, as Denmark’s largest pension fund, ATP, has expressed reservations about the deal. Despite this, Bavarian Nordic remains optimistic about the growth potential and positive impact on patients, employees, and stakeholders. The company’s board and executives are committed to the offer, which is expected to launch formally within four weeks pending regulatory clearance.
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