Novo Nordisk proposes Ablynx takeover for cash bid of €28/share, CVRs; later outbid by Sanofi

Ablynx NV first announced to the public offers made back in December 2017 by fellow antibody developer Novo Nordisk AS, which initially proposed on December 6th to acquire Ablynx for €26.75 ($31.60; a 39% premium) per share (for an equity value of €1.99bn); the Ablynx board rejected the offer, claiming it undervalued the company. In a revised bid on December 22nd, Novo offered €28.00 per share (a 46% premium) in cash, plus up to €2.50/share in contingent value rights (CVRs; based on the progress of two Ablynx development candidates), for an equity value of €2.3bn ($2.7bn), which Ablynx also vetoed. Industry sources believe a bidding war could ensue with Novo coming back with a higher offer and Gilead, Amgen, and AbbVie also joining the mix as possible suitors.