Astrazeneca thwarts £5.7bn private equity takeover of Swedish pharmaceuticals group Sobi
Astrazeneca has thwarted the £5.7billion private equity takeover of Swedish pharmaceuticals group Sobi.
The FTSE100 drug-maker, which owns 8 per cent of Sobi’s shares, refused to back the offer from Advent International and Singapore’s sovereign wealth fund.
Sting in the tail: Astrazeneca refused to back the offer from Advent International and Singapore’s sovereign wealth fund
Although this is a small stake, it was key in the failure of Advent and GIC to clinch the 90 per cent backing it needed from shareholders to wave the deal through.
Around 87 per cent of votes were in favour of the bid. AstraZeneca is reportedly considering buying some of Sobi’s medicines, with analysts pinpointing a respiratory drug called Synagis. AstraZeneca already owns the global rights, but Sobi owns the lucrative US rights.
The deal would have been the largest European health takeover this year.
The rejection is a setback for US private equity giant Advent, which is trying to buy pioneering British defence firm Ultra Electronics for £2.6billion.