Advent, GIC Bid $8 Billion for Swedish Orphan-Drug Maker Sobi
- Shares surge above bid price on speculation of other offers
- Deal would be largest Nordic buyout in more than five years
Swedish Orphan Biovitrum offices
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Private equity firm Advent International and Singapore wealth fund GIC agreed to buy drugmaker Swedish Orphan Biovitrum AB for 69 billion kronor ($8 billion) in the largest buyout of a Nordic company in more than five years.
Investors will receive 235 kronor in cash for each share, the companies said Thursday. That’s 35% higher than the closing price Aug. 25, the day before Bloomberg reported that Advent was exploring an acquisition of the Swedish biotech firm, which is developing treatments for rare diseases.