Private Equity Firms $32 Billion Nordic Capital & $93 Billion Permira (via Innosera) to Buy Denmark Vaccine Company Bavarian Nordic for $3 Billion Representing +21% Premium to Closing Price (23/7/25), Bavarian Nordic Founded in 1992 & IPO in 1998
28th July | Hong Kong
Private equity firms Nordic Capital ($32 billion capital) & Permira ($93 billion capital) via newly formed entity Innosera has announced to buy Denmark vaccine company Bavarian Nordic for $3 billion, representing +21% premium to closing price (23/7/25). Bavarian Nordic was founded in 1992, and IPO in 1998 (Nasdaq Copenhagen). Announcement (28/7/25): “Bavarian Nordic A/S (OMX: BAVA) (“Bavarian Nordic”) announced today that it has entered into an announcement agreement with Innosera ApS (the “Offeror”), a newly formed company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH (“Permira”), pursuant to which the Offeror will make an all-cash recommended voluntary public takeover offer to acquire all issued and outstanding shares (excluding treasury shares) in Bavarian Nordic (the “Offer”). The offer price is DKK 233 in cash for each share in Bavarian Nordic (the “Offer Price”), valuing the transaction equity of Bavarian Nordic at approx. DKK 19 billion based on the fully diluted shares outstanding. The offer price of DKK 233 per share represents a premium of 21.0% compared to the closing price of DKK 192.50 on Nasdaq Copenhagen on 23 July 2025, the last day of trading prior to the latest Company Announcement no. 20 / 2025 (Rumours of a potential takeover offer for Bavarian Nordic A/S).” Bavarian Nordic – Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. Nordic Capital – Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Key regions are Northern Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 28 billion in 150 investments and its team of 250 professionals operates from 10 offices including local sector investment advisory teams in Denmark, Sweden, Germany, Norway, Finland, the UK and the US. Healthcare has been one of Nordic Capital’s key focus sectors since its establishment in 1989. In total, Nordic Capital has invested in 43 Healthcare platform companies and has deployed EUR 10.4 billion of equity capital across its focus sub-sectors Pharma, Healthtech, Medtech & Life Sciences and Healthcare Services. Permira – Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €80bn. The Permira private equity funds make both long-term majority (Buyout) and minority (Growth Equity) investments in four key sectors: Healthcare, Technology, Consumer, and Services. The Permira funds have an extensive track record in healthcare investing, having deployed over €5 billion in 20+ companies to scale some of the most innovative healthcare businesses globally across specialty pharma, medical devices, healthcare outsourcing platforms and healthcare technology. Permira employs over 500 people in 17 offices across Europe, the United States and Asia.
“ Private Equity Firms $32 Billion Nordic Capital & $93 Billion Permira (via Innosera) to Buy Denmark Vaccine Company Bavarian Nordic for $3 Billion Representing +21% Premium to Closing Price (23/7/25), Bavarian Nordic Founded in 1992 & IPO in 1998 “
Private Equity Firms $32 Billion Nordic Capital & $93 Billion Permira (via Innosera) to Buy Denmark Vaccine Company Bavarian Nordic for $3 Billion Representing +21% Premium to Closing Price (23/7/25), Bavarian Nordic Founded in 1992 & IPO in 1998
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