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Advent and GIC make USD 8bn bid for Swedish biotech firm

The bid may open the door to a rival bid from a drugmaker, said Per Colleen, head of fundamental equities at Swedish state pension fund AP4, which owns about 7 percent of the biotech firm.

Per Colleen, head of equities, AP4 | Photo: PR / AP4/Peter Phillips

Private equity firm Advent International and Singapore wealth fund GIC have agreed to buy drugmaker Swedish Orphan Biovitrum AB for USD 8bn, in the largest buyout of a Nordic company in more than five years - provided a larger bid doesn't appear.

Investors will receive USD 27 (SEK 235) in cash for each share, the companies said Thursday. That’s 35 percent higher than the closing price as of Aug. 25, the day before Bloomberg reported that Advent was exploring the acquisition of the Swedish biotech firm, which is developing treatments for rare diseases. 

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