Nordic Capital and Permira launch $3 billion bid for vaccine maker Bavarian Nordic
A consortium led by private equity firms Nordic Capital and Permira has made a $3 billion offer to acquire all outstanding shares of Danish vaccine producer Bavarian Nordic (BAVA.CO), the company announced Monday.
The newly formed entity, Innosera, controlled by the consortium, plans to offer 233 Danish crowns per share. This represents a 21% premium over Bavarian Nordic’s closing price last Wednesday, valuing the deal at approximately 19 billion Danish crowns ($2.98 billion), News.Az reports, citing Reuters.
Bavarian Nordic, known for its vaccines targeting mpox, smallpox, and other infectious diseases, has seen its shares rise 21% since confirming discussions with Nordic Capital and Permira last week. On Monday, shares opened 2% higher at 238 crowns.
Kempen analysts noted that while the offer price falls short of their 300 crown target, the premium is reasonable given uncertainties in the U.S. market and the company’s reliance on contract-based public health preparedness programs.
Bavarian Nordic is a key supplier to global governments, including U.S. public health preparedness initiatives.
The acquisition will be subject to customary conditions, including Innosera securing over 90% ownership or valid acceptances of voting rights and shares by the end of the offer period.
However, Danish pension fund ATP, holding a 10% stake in Bavarian Nordic, has rejected the offer. Claus Berner Moller, ATP’s Vice President for Danish Equities, said, “Neither the timing nor the price of the presented offer reflects the opportunities we see in the company.”
If the deal completes, expected in Q4 2025, Bavarian Nordic’s shares will be delisted from Nasdaq Copenhagen.
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