Sartorius in $11 bln bid for COVID vaccine reagent vendor Maravai -sources

Maravai Lifesciences Holdings

25/02/2022 19:53

By Greg Roumeliotis
    Feb 25 (Reuters) - Laboratory supplies vendor Sartorius AG
 SATG.DE  has approached Maravai LifeSciences Holdings Inc
 MRVI.O , a U.S. provider of capping reagents for COVID-19
vaccines, with an $11 billion acquisition offer, people familiar
with the matter said. 
    Maravai rejected the $42 per share all-cash offer from
Goettingen, Germany-based Sartorius earlier this month as
inadequate, the sources said. It is not clear whether Sartorius
will return with a new offer or whether Maravai will attract
acquisition interest from other laboratory equipment and
supplies providers. 
    The sources requested anonymity because the matter is
confidential. A Sartorius spokeswoman declined to comment, while
Maravai representatives did not respond to requests for comment.
    Maravai makes reagents used in the production of mRNA
vaccines, including the one developed by Pfizer Inc  PFE.N  and
BioNTech SE  22UAy.DE  against COVID-19. 
    Its shares soared after it listed in the U.S. stock market
in 2020, providing a lucrative exit for private equity firm
GTCR, which had invested in the company in 2016. GTCR remains
Maravai's biggest shareholder with a minority stake and has
representatives on the company's board, according to Refinitiv
data.
    A GTCR spokesman did not respond to a request for comment.
    Maravai shares are down 40% from their August 2021 high, as
investors fret over whether the subsiding COVID-19 pandemic will
weigh on the company's business. Maravai said on Wednesday it
continued to see strong demand for its reagents and forecast
revenue growth of 15% to 20% in 2022.
     Sartorius provides equipment and supplies to laboratories
performing research and quality control at pharmaceutical
companies and research institutes, and also makes products for
use in the production of medications and vaccines. It has a
market value of 27.6 billion euros ($31 billion). 

 (Reporting by Greg Roumeliotis in New York
Additional reporting by Krystal Hu in Beijing and Anirban Sen in
Bangalore
Editing by Leslie Adler)
 ((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))