Advent, GIC partner on $8bn deal to take Swedish biotech SOBI private

Advent International and Aurora Investment, a subsidiary of Singapore sovereign wealth fund GIC, have offered to buy all shares of biotechnology player Swedish Orphan Biovitrum (Sobi) for $8 billion and take the company private under Agnafit Bidco, a newly established Swedish LLC indirectly owned by Advent and Aurora.

The offer represents a 37.7% premium over the volume-weighted average trading price of Sobi shares during the last 30 trading days ended Aug. 25, and Sobi's board of directors unanimously recommended that shareholders accept the deal. However, the Wallenberg family, Sweden's wealthiest clan, injected some . . .

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