US biotech company Chiron in bid for Bavarian Nordic alliance partner  

2003.05.20
Chiron reported willing to pay GBP 500 million for UK company Powderject Pharmaceuticals

Bavarian Nordic’s leading alliance partner – UK company Powderject Pharmaceuticals – is close to being acquired by US biotech company Chiron. According to the Financial Times, Chiron is willing to pay GBP 500 million (about DKK 5.3 billion) for Powderject. Copenhagen based Bavarian Nordic and Powderject Pharmaceuticals entered a strategic cooperation agreement last year under the terms of which Bavarian Nordic delivers smallpox vaccinations to Powderject which then handles sales to the British government.

 

The value of the agreement for Bavarian Nordic has been calculated at approx. DKK 150 million (USD 23 million). As part of the deal Powderject purchased a 5.6% shareholding in Bavarian Nordic. Industry rumours around Chiron’s potential acquisition of Powderject suggest that Bavarian Nordic itself, as well as the Swiss vaccine company Berba Biotech, could be next on Chiron’s shopping list. Bavarian Nordic’s Chairman Asger Aamund denies negotiations are taking place with Chiron concerning a possible acquisition, but says if Bavarian Nordic receives an offer at the same market value as for Powderject, he would draw up a chair to the negotiation table. The news is reported by daily newspaper Jyllands-Posten.

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