Key Takeaways
- Bavarian Nordic acquisition valued at $3 billion: Nordic Capital and Permira’s all-cash offer represents up to a 37.4% premium over the company’s six-month volume-weighted average share price.
- Deal aims to accelerate vaccine portfolio growth: The private equity firms plan to scale Bavarian Nordic’s commercial footprint and support its long-term M&A and R&D strategy under private ownership.
- Board fully supports offer and plans delisting: Bavarian Nordic’s board and executives have committed to tendering their shares, with delisting from Nasdaq Copenhagen and a potential compulsory acquisition to follow post-close. However, the company’s largest shareholder, ATP, told Bloomberg the offer doesn’t reflect the true value of Bavarian Nordic.
Nordic Capital and Permira have announced an all-cash voluntary public takeover offer to acquire all outstanding shares in vaccine manufacturer Bavarian Nordic A/S for a total of approximately $3 billion. According to Bavarian Nordic, the offer represents a 21% premium over the share price as of July 23, 2025, and up to a 37.4% premium compared to the six-month volume-weighted average, with the company’s board of directors unanimously recommending that shareholders accept the offer.
The consortium plans to delist Bavarian Nordic following completion and, if it reaches the 90% ownership threshold, pursue a compulsory acquisition of remaining shares.1
The offer is contingent on several standard conditions, including the requirement that the consortium secures ownership or valid acceptance of more than 90% of Bavarian Nordic’s voting rights and share capital by the end of the offer period, unless the threshold is waived. The offer also depends on securing regulatory approvals, the board maintaining its recommendation for shareholders to accept the offer, and no significant adverse changes occurring before completion, along with other customary conditions.1
However, the deal may still face challenges to reach completion. Bloomberg reported that ATP, Denmark’s biggest pension fund and Bavarian Nordic’s largest shareholder with a 10% stake, is not in favor of the deal because they do not believe it reflects Bavarian Nordic’s true value, according to the report.
“As a long-term investor in Bavarian Nordic, ATP has no interest in accepting the presented offer,” Claus Berner Moller, ATP VP of Danish equities, told Bloomberg. He noted that Bavarian Nordic “has very promising prospects for positive development under the current strategy.”
Why are Nordic Capital and Permira acquiring Bavarian Nordic?
“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,” said Luc Debruyne, board chairperson, Bavarian Nordic, in a press release.
Bavarian Nordic reported that all board and executive members have agreed to tender their shares, and the offer is expected to formally launch within four weeks, pending regulatory approval, with a six-week tender period to follow.
