Earlier this autumn the company announced a takeover offer to acquire all of the issued and outstanding shares in Bavarian Nordic by Innosera, a company controlled by Nordic Capital Fund XI and funds managed and advised by Permira Beteiligungsberatung.

The offeror has now informed Bavarian Nordic that, as the minimum acceptance condition has not been satisfied, it has resolved to withdraw the offer.

“60% have accepted the takeover offer from Nordic Capital and Permira. However, this does not meet the acceptance rate threshold of 66.7% and thus the bid will not go through. We acknowledge and respect the decision made by shareholders, which means that Bavarian Nordic will continue as an independent listed company with its current growth strategy. Bavarian Nordic is a profitable and strong company well positioned to continue to grow, and the Board of Directors has the full confidence in the management’s continued execution of the strategy, including considerations for ways to accelerate value creation,” stated Luc Debruyne, Chair of the Board of Directors of Bavarian Nordic.