Pension Funds and Investors Push Back
The deal would have removed Bavarian Nordic from the Nasdaq Copenhagen. But major investors, including Danish pension fund ATP, opposed the takeover. ATP said it intended to remain a “long-term shareholder,” resisting the private equity firms’ attempt to take control.
Nordic Capital and Permira argued they could build Bavarian Nordic into a leading vaccine powerhouse, leveraging their healthcare investment track record to expand its portfolio of travel and endemic disease shots.
Legal Teams Behind the Bid
Innosera was advised by Freshfields PartG mbB, White & Case LLP, and Sidley Austin LLP, with additional guidance from Danish firm Gorrissen Federspiel.
Bavarian Nordic relied on Danish law firm Kromann Reumert throughout the process.
