After extensive talks, Bavarian Nordic has reached an agreement to be bought by a private equity group for 19 billion krone, which amounts to roughly $3 billion.
Bavarian said that its board fully supports the appealing proposal in which Permira and Nordic Capital want to privatize the firm for 233 Danish kroner per share.
The agreement will provide substantial funds and resources to expedite Bavarian’s development plan, including the expansion of its commercial presence and ongoing acquisitions that will broaden its portfolio, as communicated by the buyer group to Bavarian.
However, Denmark’s largest pension fund, ATP, opposes the purchase, saying that the price fails to represent the potential of the Bavarian enterprise, according to Bloomberg. ATP is Bavarian Nordic’s biggest stakeholder, with a stake over 10%.
Claus Berner Moller, vice president of Danish equities at ATP, conveyed in a statement that ATP, being a long-term investor in Bavarian Nordic, does not intend to accept the proposed bid. He expressed support for the company’s current strategy, noting its strong potential for favorable growth. According to him, both the timing and the valuation of the offer failed to align with ATP’s outlook on the company’s future.
Bavarian’s stock on Nasdaq Copenhagen has been trading over 233 kroner per share as of Monday morning, peaking at 242.4 kroner.
The 233-krone price is below analysts’ average forecast of 273 kroner for Bavarian over the next 12 months, as reported by Bloomberg.
Bavarian offers a range of vaccinations, among them the smallpox and mpox shot Jynneos and the recently FDA-cleared chikungunya vaccination Vimkunya.
In the three months of 2025, the firm’s sales surged over 60% year-on-year to 1.35 billion kroner, prior to the introduction of Vimkunya. The company’s public preparation earnings may vary according to contract scheduling and delivery; nonetheless, its travel health sector had a 52% revenue rise, totaling 680 million kroner throughout that period.
The primary growth drivers in the first quarter were identified as vaccinations for rabies and tick-borne encephalitis. Bavarian obtained two shots from GSK and procured Vimkunya in a commercial deal with Emergent BioSolutions in the travel health sector.
The board of Bavarian jointly recommends that investors accept the offer from Nordic and Permira on the basis of a comprehensive evaluation that includes two assessments dated July 28 from its financial advisors.
The offer price signifies a 21% increase relative to Bavarian’s closing price last Wednesday. The company’s stock price surged last week after a report indicated prospective deal negotiations.
Despite the development potential for Bavarian, particularly in light of the World Health Organization’s warnings over the worldwide danger posed by growing chikungunya outbreaks, the vaccine sector in the U.S. is experiencing significant uncertainty.
Robert F. Kennedy Jr., Secretary of the U.S. HHS and a longstanding vaccine doubter, has been reversing vaccination programs since assuming office this year. In June, he dismissed all members of the advisory council on vaccines at the Centers for Disease Control and Prevention.
