Shares in Swedish Orphan Biovitrum (Sobi) plunged 23% on Friday after U.S. private equity firm Advent International and Singapore’s sovereign wealth fund said they were withdrawing their bid for the drugmaker.
The Swedish company in September agreed to an $8 billion takeover by Advent and Aurora, an investment vehicle of Singapore’s GIC Pte Ltd, through Agnafit Bidco.
Having soared 36% this year through Thursday, Sobi shares fell 23% in early trade to 175 crowns ($19.2). The 235 crowns per share offer had represented a premium of 34.5% to its Aug. 25 closing price.
Sobi’s best-selling drug, established haemophilia A treatment Elocta, with 4.6 billion crowns in 2020 revenues, is facing competition from Roche’s Hemlibra.
Read more/Source: Reuters
