Advent, Aurora withdraws $8 billion bid for Swedish drugmaker Sobi
Reuters
Published Dec 03, 2021 07:48
STOCKHOLM (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), 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.
"Since the acceptance level condition has not been fulfilled, Agnafit Bidco hereby withdraws the offer," Agnafit Bidco said in a statement.
Agnafit said shares corresponding to around 87.3% of outstanding shares in Sobi had been tendered, below its condition of more than 90%.
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Written By: Reuters
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