Nordic Capital and Permira plan takeover of Bavarian Nordic
Image: Bavarian Nordic

Bavarian Nordic receives billion-dollar takeover bid from Nordic Capital and Permira

A consortium led by Nordic Capital and Permira has submitted a binding public takeover offer for Danish vaccine company Bavarian Nordic A/S. The all-cash transaction values the company at approximately DKK 19 billion (around EUR 2.5 billion) and represents one of the largest private equity deals in the European biotech sector this year.

The offer is made through a newly formed entity, Innosera ApS, controlled by Nordic Capital Fund XI and funds managed by Permira Beteiligungsberatung GmbH. Shareholders are offered DKK 233 per share in cash – a 21% premium compared to the closing price of DKK 192.50 on 23 July 2025.

Attractive Premium for Shareholders

The offer also reflects a significant premium over recent average share prices:

  • +31.0% vs. 1-month VWAP (DKK 177.92)
  • +35.5% vs. 3-month VWAP (DKK 171.99)
  • +37.4% vs. 6-month VWAP (DKK 169.60)

Unanimous Recommendation from the Board

Bavarian Nordic’s Board of Directors has unanimously determined that the offer is attractive and intends to recommend that shareholders accept it once the official offer document is published. The decision was based, among other things, on two Fairness Opinions from Citi and Nordea, both of which concluded the offer price is fair from a financial perspective.

All members of the Board of Directors and Executive Management have committed – under customary conditions – to tender their shares. These represent 0.30% of Bavarian Nordic’s voting share capital.

Consortium’s Vision: Growth, Expansion, and Innovation

Nordic Capital and Permira regard Bavarian Nordic as a company with significant global potential. In a joint statement, the investors emphasized their intention to accelerate the company’s ongoing transformation into a leading international vaccine business.

Key focus areas include:

  • Scaling the current travel and endemic vaccine portfolio
  • Expanding international commercial presence
  • Continuing a successful M&A strategy
  • Strengthening partnerships with governments and public health institutions

Both firms bring over 30 years of experience in healthcare investment, having deployed more than EUR 15 billion in the sector. The strategy is to support Bavarian Nordic’s long-term value creation under private ownership, with access to capital and operational expertise.

Next Steps: Offer Document, Acceptance Period, and Delisting

The full offer document is expected to be published within four weeks, pending approval from the Danish Financial Supervisory Authority. The acceptance period will last six weeks, with possible extension.

The offer is conditional on securing more than 90% of Bavarian Nordic’s voting share capital, along with necessary regulatory approvals. Completion, including payment to shareholders, is expected in Q4 2025.

Following the acquisition, the Offeror intends to delist Bavarian Nordic from Nasdaq Copenhagen and, if the required ownership threshold is met, proceed with a mandatory squeeze-out of the remaining shareholders.

Executive Commentary

Luc Debruyne, Chair of Bavarian Nordic’s Board of Directors, welcomed the offer: “This partnership with Nordic Capital and Permira offers a unique opportunity to accelerate our strategy and strengthen our position in the global vaccine market. The offer is the result of intense negotiations to secure the best possible outcome for our shareholders.”