September 07, 2021 | Health Care | Europe | Ended

Swedish Orphan Biovitrum / Advent Int'l, GIC: New Deal Insights

On 2-Sep-21, Swedish drugmaker Sobi received an offer from a consortium consisting of US private equity firm Advent International and Singapore’s sovereign wealth fund, GIC, for SEK 69.4 ($8bn), or SEK 235 per share. The offer, which will be adjusted lower for any dividends prior to settlement, represents a one-day premium of 34.5% to Sobi’s undisturbed price on 25-Aug-21, the day before Bloomberg reported that Advent was interested in a potential deal. The Sobi board recommends the offer, which is supported by a fairness opinion from Danske Bank as well as by key Sobi shareholders who have provided soft irrevocable commitments: (i) Investor AB (INVEB SS, 35.4%), and (ii) Fjärde AP-Fonden (“AP4”, 6.8%). A 90% minimum acceptance condition ...

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