Bavarian Nordic A/S, a prominent Danish biotechnology company specializing in vaccine development, has accepted a takeover offer valued at DKK 19 billion (approximately $2.99 billion) from a consortium comprising Nordic Capital and Permira. This deal aims to accelerate Bavarian Nordic’s global growth strategy under private ownership.
According to the agreement, shareholders of Bavarian Nordic will receive an all-cash offer of 233 Danish kroner per share. This price represents a 21% premium over the company’s closing share price on Nasdaq Copenhagen as of July 23, 2025, the day before the company confirmed preliminary discussions about the acquisition. Additionally, the offer reflects a premium of up to 37.4% compared to the six-month volume-weighted average share price.
The Board of Directors of Bavarian Nordic has unanimously recommended that shareholders accept the offer, highlighting the potential for improved strategic positioning and accelerated growth within the biotech sector.
However, the proposed acquisition has encountered some resistance. ATP, Denmark’s largest pension fund and Bavarian Nordic’s largest shareholder, holding over 10% of the company’s shares, has publicly opposed the transaction. ATP argues that the offer price does not accurately represent the full potential and promising prospects of Bavarian Nordic’s business under its current strategy. Following the announcement, Bavarian Nordic’s shares have reportedly traded above the offered price.
Nordic Capital and Permira, both experienced investors in healthcare, plan to take Bavarian Nordic private. Their strategy involves leveraging substantial capital and resources to enhance the company’s global commercial presence, scale existing products, and pursue strategic mergers and acquisitions to diversify its vaccine portfolio. The consortium sees Bavarian Nordic as a company undergoing active transformation, with strong potential for long-term value creation.
This acquisition follows a period of significant advancements for Bavarian Nordic. The company has recently launched the first of two clinical trials for its MVA-BN mpox/smallpox vaccine, targeting infants and pregnant or breastfeeding women. In February, the U.S. FDA 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. Additionally, the company reported a 62% year-on-year increase in sales for the first quarter of 2025, driven by its travel health portfolio.
The offer is subject to several standard conditions, including the consortium securing ownership or valid acceptance of more than 90% of Bavarian Nordic’s voting rights and share capital. The transaction is expected to be completed in the fourth quarter of 2025, pending all necessary regulatory approvals and clearances.
KEY QUOTE:
“Our scientific heritage and proven track record of successfully transferring technology and integrating commercial assets has created a unique platform that enables Bavarian Nordic to drive growth and deliver life-saving solutions to patients worldwide. The offer received from Nordic Capital and Permira is the result of intense negotiations aimed at securing the best possible terms for our shareholders. The Board of Directors has unanimously agreed that it intends to recommend that Bavarian Nordic’s shareholders accept the offer when formally submitted. Together with Nordic Capital and Permira, the growth strategy of Bavarian Nordic can be accelerated and strengthen the company’s position in the global vaccine market to the benefit of patients, employees and other stakeholders.”
Luc Debruyne, Chair of the Board of Directors of Bavarian Nordic