Private Equity Firms Make $8-Bn Bid for SobiBy
Swedish Orphan Biovitrum (Sobi), a Stockholm, Sweden-based bio/pharmaceutical company specializing in rare diseases, has received an offer from private equity firms, Advent International and Aurora Investment, an affiliate of GIC, through Agnafit Bidco, to purchase the company for SEK 69.4 billion ($8 billion).
The Board of Directors of Sobi has unanimously recommended that the shareholders of Sobi accept the offer. Under the terms of the offer, Agnafit Bidco is offering SEK 235 ($27.27) per Sobi share in cash, which values the issued share capital of Sobi at approximately SEK 69.4 billion ($8 billion). The acceptance period of the offer is expected to commence on or around September 22, 2021 and expire on or around October 21, 2021, subject to any extensions.
Completion of the offer is conditional upon, among other things, Agnafit Bidco becoming the owner of more than 90% of the total number of shares in Sobi and the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions, including from competition authorities.