Advent, Aurora withdraws $8 bln bid for Swedish drugmaker Sobi (updated)

Investor AB

03/12/2021 07:56

(Adds detail, background)
    STOCKHOLM, Dec 3 (Reuters) - U.S. private equity firm Advent
International and Singapore's sovereign wealth fund on Friday
said they are withdrawing their bid for Swedish drugmaker Orphan
Biovitrum (Sobi)  SOBIV.ST , citing a low acceptance level.
    Sobi in September agreed to an $8 billion takeover by Advent
and Aurora, an investment vehicle of Singapore's GIC Pte Ltd, 
through Agnafit Bidco.  urn:newsml:reuters.com:*:nL8N2Q41JO
    "Since the acceptance level condition has not been
fulfilled, Agnafit Bidco hereby withdraws the offer," Agnafit
Bidco said in a statement.
    Having soared 36% this year, Sobi shares closed at 226.60
crowns ($24.9) on Thursday, below the 235 crowns per share
offer, which represented a premium of 34.5% to its Aug. 25
closing price.
    Sweden's Investor AB  INVEb.ST , which owns 35% of the
shares in the rare disease drugmaker, said in a statement that
its focus would now be to "continue to create long-term value
for Sobi's shareholders".
    Agnafit said shares corresponding to around 87.3% of
outstanding shares in Sobi, which sells drugs within
haemophilia, autoimmune diseases, metabolic diseases and cancer
supportive care, had been tendered, below its condition of more
than 90%.
    Sobi's best-selling drug, established haemophilia A
treatment Elocta, with 4.6 billion crowns in 2020 revenues, is
facing competition from Roche's  ROG.S  Hemlibra.

($1 = 9.1125 Swedish crowns)

 (Reporting by Helena Soderpalm, editing by Supantha Mukherjee
and Niklas Pollard)
 ((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))