Private Equity Firms Nordic Capital and Permira to Acquire Bavarian Nordic for Approximately $3 Billion Dollars
In a significant move for the Danish biotechnology sector, Bavarian Nordic A/S has received a takeover offer worth DKK 19 billion ($2.99 billion) from a consortium led by Nordic Capital and Permira. The offer, an all-cash deal of 233 Danish kroner per share, represents a 21% premium over the company's closing share price on Nasdaq Copenhagen as of July 23, 2025, and a 37.4% premium compared to the six-month volume-weighted average share price.
Luc Debruyne, Chair of Bavarian Nordic's Board of Directors, emphasized that the offer benefits patients, employees, and other stakeholders. The board has recommended accepting the offer due to potential for improved strategic positioning and accelerated growth within the biotech sector.
However, not everyone is in favour of the takeover. Denmark's largest pension fund, ATP, opposes the all-cash takeover, primarily driven by its long-term investment strategy and concerns about the acquisition's impact on Bavarian Nordic’s future performance and shareholder value. ATP's opposition could potentially delay or complicate the takeover, or prompt the bidding consortium to reconsider or improve their offer to sway resistant large shareholders like ATP.
The acquisition is subject to obtaining ownership or valid acceptance of more than 90% of Bavarian Nordic's voting rights and share capital. If successful, the company will be delisted from Nasdaq Copenhagen after the acquisition completion, expected in Q4 2025.
Bavarian Nordic reported a 62% year-on-year increase in sales for the first quarter of 2025, driven by its travel health portfolio. The company has also launched the first of two clinical trials for its MVA-BN mpox/smallpox vaccine, targeting infants and pregnant or breastfeeding women.
In another significant development, the U.S. FDA has approved Vimkumya, Bavarian Nordic's first virus-like particle chikungunya vaccine for individuals over 12 years of age, based on strong Phase III trial results.
The strategy of Nordic Capital and Permira involves leveraging substantial capital and resources to enhance Bavarian Nordic's global commercial presence, scale existing products, and pursue strategic mergers and acquisitions to diversify its vaccine portfolio. The consortium plans to take Bavarian Nordic private, aiming to unlock growth through restructuring or focused investments.
This potential takeover highlights a tension between public long-term shareholders’ cautious outlook and private equity’s drive for value creation via ownership change. The clash underscores the importance of balancing short-term gains with long-term strategic considerations in corporate decision-making.
[1] [Source] [2] [Source]
- A move in the Danish biotechnology sector sees clinical trials at Bavarian Nordic advancing with the first of two trials for their MVA-BN mpox/smallpox vaccine. [Source]
- Science and health-and-wellness sectors, particularly financial investing and business decisions, are intertwined as ATP, Denmark's largest pension fund, opposes the all-cash takeover of Bavarian Nordic due to concerns about the acquisition's impact on long-term shareholder value. [Source]
- The potential takeover of Bavarian Nordic by a consortium led by Nordic Capital and Permira could lead to improved strategic positioning and accelerated growth within the biotech sector, as the strategy involves leveraging substantial capital for global commercial presence and pursuing strategic mergers and acquisitions to diversify their vaccine portfolio. [Source]
These sentences were written based on the given text and the requirement to include the provided words.
