COPENHAGEN (Reuters) -Sweden’s Biotage said on Tuesday that KKR had made a cash offer for the Swedish biotechnology firm, valuing it at around 11.6 billion Swedish crowns ($1.22 billion). The offer price of 145 crowns per share represents a premium of 60.1% compared with its closing share price on April 17. Biotage’s board of directors […]
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KKR makes $1.2 billion offer for Sweden’s Biotage
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COPENHAGEN (Reuters) -Sweden’s Biotage said on Tuesday that KKR had made a cash offer for the Swedish biotechnology firm, valuing it at around 11.6 billion Swedish crowns ($1.22 billion).
The offer price of 145 crowns per share represents a premium of 60.1% compared with its closing share price on April 17.
Biotage’s board of directors unanimously recommended to its shareholders that they accept the offer, the company said in a statement.
Gamma Biosciences, which is controlled by KKR, is the company’s biggest shareholder owning a 17% stake.
($1 = 9.5059 Swedish crowns)
(Reporting by Stine Jacobsen, editing by Terje Solsvik)