Swedish Orphan Biovitrum (Sobi) has agreed a $8bn (SEK69.4bn) takeover offer from Advent International and Singapore’s wealth fund GIC.
Sobi’s board of directors had unanimously recommended that shareholders accept the offer from Advent and Aurora Investment, an affiliate of GIC Pte Ltd, through Agnafit Bidco.
Expected to start on or around 22 September, the acceptance period of the offer will expire on or around 21 October this year, subject to any extensions.
Sobi said in a statement: “Completion of the offer is conditional upon, amongst other things, Agnafit Bidco becoming the owner of more than 90% of the total number of shares in Sobi and the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions, including from competition authorities, in each case on terms which, in Agnafit Bidco’s opinion, are acceptable.
“Agnafit Bidco has reserved the right to waive these and other conditions for completion of the offer.”
Investor AB and Fjärde AP-Fonden have shareholdings in Sobi representing nearly 36.45% and 6.96%, respectively.
They have undertaken to accept the offer under separate agreements with Agnafit Bidco, subject to certain conditions.
Following a written request, the board has permitted Advent and Aurora to conduct a confirmatory due diligence review of Sobi with regard to the offer preparation.
Morgan Stanley & Co. International is acting as financial adviser exclusively for Sobi in connection with the development.
Sobi has retained Mannheimer Swartling Advokatbyrå as legal adviser, in relation to the offer.
Sobi’s portfolio is focused on delivering new therapies and services in haematology, immunology and speciality care areas.
In 2010, Swedish Orphan International combined with Biovitrum to form Sobi. Since then, the company has delivered against a number of milestones.
As of 31 December 2020, it had a portfolio of six key products and delivered treatments to patients in more than 70 countries.