AstraZeneca Blocks SOBI's $8B Buyout, Advent Withdraws The Bid - Report - AstraZeneca (NYSE:AZN), AstraZe

AstraZeneca Plc (NASDAQ:AZN) blocked an $8 billion takeover of Swedish Orphan Biovitrum AB (OTC:BIOVF) by withholding its 8% stake in SOBI from a buyout offer by Advent International and Singapore wealth fund GIC.

Advent and Singapore's sovereign wealth fund said they were withdrawing their bid for SOBI.
In September, SOBI received a public cash offer from Advent International and GIC, valuing the company at nearly $8 billion (SEK69.4 billion) or $27.33 (SEK235) per share.
SOBI focuses on rare diseases, offering hematology, immunology, and specialty indications treatments.
AstraZeneca's opposition meant the offer fell short of the 90% threshold needed for approval.
Having soared 36% this year through Thursday, Sobi shares fell 23% in early trade to 175 crowns on the Stockholm Stock Exchange.
Astra objected to the deal because it sought to buy certain assets from SOBI, reported Bloomberg, citing people familiar with the situation.
AZN obtained a stake of about 8% in 2019 as part of an alliance. Sobi bought the rights to sell AstraZeneca's lower respiratory tract infections therapy in the U.S.
Private-equity ownership of Sobi would have raised the risk that Sobi would eventually be sold, and those rights would get in the hands of a rival of AstraZeneca.
Price Action: AZN shares are down 0.64% at $54.44 during the premarket session on the last check Friday.

AZNAstraZeneca PLC

BIOVFSWEDISH ORPHAN BIOVIT ORD by Swedish Orphan Biovitrum AB

$49.03-%

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