Bavarian Nordic Agrees $3 Billion Buyout by Nordic Capital, Permira

Bavarian Nordic, a Scandinavian vaccine manufacturer specializing in vaccines for mpox, smallpox, and other infectious diseases, has agreed to a $3 billion acquisition by a consortium led by private equity firms Nordic Capital and Permira. The all-cash offer values the company at approximately 19 billion Danish kroner, with a price of 233 kroner per share, representing a 21% premium over its recent closing price. Bavarian Nordic's board has recommended shareholders accept the offer, emphasizing the proposal's attractiveness and strategic benefits. The deal is expected to close in the fourth quarter of 2025, after which the consortium plans to delist Bavarian Nordic from Nasdaq Copenhagen. However, Danish pension fund ATP, which holds a 10% stake, has expressed disinterest in selling, citing the offer's timing and price as not reflecting the company's potential. Completion of the transaction depends on Innosera, the consortium's vehicle, securing over 90% ownership and valid acceptances of Bavarian Nordic's shares.