Bavarian Nordic, a Hellerup, Denmark-based vaccine company, has entered into an announcement agreement for an all-cash recommended purchase offer of approximately DKK 19 billion ($2.91 billion) with a private equity consortium led by Nordic Capital and Permira. The offeror is Innosera ApS, a newly formed company controlled by Nordic Capital Fund XI and funds managed and advised by Permira. 

The company is a manufacturer of mpox and smallpox vaccines as well as other vaccines, including for tick-borne encephalitis, rabies, cholera, chikunguny virus, and typhoid. Nordic Capital and Permira have informed Bavarian Nordic that they believe that the transaction will enable the company to accelerate its growth strategy and pursue long-term value creation in a privately held ownership structure, with access to ample capital and resources. 

Under the offer, the two firms will pay DKK 233 ($35.70) per Bavarian Nordic share valuing the transaction equity of Bavarian Nordic at approximately DKK 19 billion ($2.91 billion) based on the fully diluted shares outstanding. The Board of Directors of Bavarian Nordic has unanimously decided that it intends to recommend that Bavarian Nordic shareholders accept the offer when made in the form of an offer document approved by the Danish Financial Supervisory Authority. 

The offer is subject to the two firms completing over 90% of the voting rights and share capital of Bavarian Nordic and receiving necessary approvals and clearances by relevant regulatory authorities 

The completion of the offer, including payment of the consideration to the selling shareholders, is expected in the fourth quarter of 2025, subject to the receipt of all regulatory approvals and clearances. 

Source: Bavarian Nordic