Key Points:
- Nordic Capital and Permira raised their Bavarian Nordic bid to 250 Danish crowns per share.
- Only 25.7% of shareholders accepted, below the 75% needed.
- The consortium plans to delist and privatize the vaccine maker.
COPENHAGEN, Oct. 15–A consortium led by Nordic Capital and Permira has raised its takeover offer for vaccine maker Bavarian Nordic (BAVA.CO) to 250 Danish crowns ($38.94) per share after an earlier bid failed to secure enough investor support.
The new offer follows an initial proposal in July of 233 crowns per share, valued at around $3 billion. Bavarian Nordic’s board had unanimously recommended that shareholders accept the initial offer in August.
Despite the increase, only about 25.7% of Bavarian share capital has agreed to the deal, below the 75% threshold required by the consortium, Innosera, a newly formed entity controlled by Nordic Capital and Permira, said.
Innosera has notified the company that the revised 250-crown offer, set to expire on Nov. 5, is its “best and final” and will not be raised further, Bavarian Nordic said.
Bavarian Nordic produces vaccines for mpox and other diseases and supplies governments worldwide, including public health preparedness programs in the United States. The consortium intends to delist the company from Nasdaq Copenhagen after completing the offer, which is expected in the fourth quarter of 2025.
Bavarian Nordic’s shares closed at 230.5 crowns on Wednesday. ($1 = 6.4201 Danish crowns)
Background on the consortium
Nordic Capital and Permira are private equity firms that often invest in healthcare and biotech companies. Innosera was created to execute the acquisition of Bavarian. If successful, the delisting will take the company private, allowing the consortium to restructure operations without public market pressures.
Global vaccine relevance
Bavarian Nordic has supplied vaccines to numerous governments, playing a role in public health preparedness. Its products include treatments for rare diseases and infectious outbreaks, making the company a strategic asset for national health programs.
The consortium’s higher bid reflects its commitment to securing control and the perceived value of Bavarian Nordic’s pipeline and government contracts. Investors and analysts will watch closely to see if the higher price encourages additional shareholder acceptance before the offer deadline.
