KKR makes US$1.22bn tender for Swedish Biotage AB

The American investor offered SEK145 (€13.23) to the shareholders of Swedish Biotage AB for each of the 80,049,272 outstanding shares of the Scandinavian laboratory equipment company listed on Nasdaq Stockholm, Large Cap. This represents a premium of 60.1% over the closing price on 17 April 2025 and values Biotage at SEK11.6bn (€1.06bn or US$1.22bn) based on the offer.

However, the takeover price will be reduced by the planned dividend of SEK1.65 (€0.15) per share if the forthcoming Annual General Meeting on 24 April approves the proposal. The fact that the takeover will go through on the planned terms is not set in stone. Among other things, KKR must control more than 90% of the total number of Biotage shares for the acquisition to be completed. In addition, further approvals are required, including from antitrust authorities.

The board of directors of Biotage recommended that Biotage’s shareholders accept the offer. The recommendation is supported by a fairness opinion provided by Grant Thornton Sweden AB.

As of the date of the announcement, Gamma Biosciences, which is controlled by KKR Funds, owns and controls in aggregate 13,590,648 ordinary shares in Biotage, corresponding to approximately 16% of the outstanding shares and votes in Biotage. The total value of the offer, based on the 66,458,624 outstanding ordinary shares in Biotage, which are not owned by Gamma Biosciences, amounts to approximately SEK9,637 million. Gamma Biosciences, which is controlled by KKR Funds, has undertaken not to accept any competing offers.

Carnegie Fonder, SEB Asset Management and Coeli, in aggregate representing 15,235,630 ordinary shares in Biotage, which corresponds to approximately 19% of the outstanding shares and votes in Biotage, have expressed their support for the offer and intention to accept the offer. Together with the ordinary shares in Biotage already owned by Gamma Biosciences, this amounts to 28,826,278 ordinary shares in Biotage, corresponding to approximately 36% of the outstanding shares and votes in Biotage.