Bavarian Nordic to go private in $3B deal

Bavarian Nordic agreed to be taken private by a consortium of private equity firms under a deal valued at DKK 19 billion ($3 billion). The offer from Nordic Capital and Permira, announced Monday, is priced at DKK 233 per share in cash, representing a 21% premium over Bavarian's closing stock price on July 23, the day rumours of a potential takeover were confirmed.

Luc Debruyne, chair of Bavarian's board, said the transaction "is the result of intense negotiations aimed at securing the best possible terms for our shareholders." Debruyne suggested that "together with Nordic Capital and Permira, the growth strategy of Bavarian…can be accelerated and strengthen the company’s position in the global vaccine market."

Bavarian's board called the offer "an attractive proposal" and expressed their full support for the deal, which is expected to close in the fourth quarter.

The company has been transitioning to an international vaccine company and currently has a portfolio of travel and endemic jabs. Nordic Capital and Permira believe that Bavarian's transformation "remains ongoing and will require continued investments to scale the current vaccine portfolio, expand the company’s commercial footprint, and continue its successful M&A strategy."