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Astra Sinks Advent’s $7.6 Billion Buyout of Biotech Sobi

  • Buyout firms failed to secure enough shareholder backing
  • Deal would have been largest Nordic buyout in five years
The headquarters of Swedish Orphan Biovitrum AB (Sobi) in Solna, Sweden.

The headquarters of Swedish Orphan Biovitrum AB (Sobi) in Solna, Sweden.

Photographer: Mikael Sjoberg/Bloomberg
Updated on

AstraZeneca Plc effectively blocked a $7.6 billion takeover of Swedish Orphan Biovitrum AB by withholding its 8% stake in the drugmaker from a buyout offer by Advent International and Singapore wealth fund GIC, according to people familiar with the situation.

The U.K. drugmaker’s opposition meant the offer fell short of the 90% threshold needed for approval, torpedoing what would have been the largest take-private deal in European healthcare sector this year. Sobi lost a quarter of its value.