Shares in drugmaker Sobi tumble as Advent, Aurora withdraw US$8 billion bid

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STOCKHOLM :Shares in Swedish Orphan Biovitrum (Sobi) plunged 23per cent on Friday after U.S. private equity firm Advent International and Singapore's sovereign wealth fund said they were withdrawing their bid for the drugmaker. The Swedish company in September agreed to an US$8 billion takeover by Advent and

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STOCKHOLM :Shares in Swedish Orphan Biovitrum plunged 23per cent on Friday after U.S. private equity firm Advent International and Singapore's sovereign wealth fund said they were withdrawing their bid for the drugmaker.

"Since the acceptance level condition has not been fulfilled, Agnafit Bidco hereby withdraws the offer," Agnafit Bidco said in a statement. Sweden's Investor AB, which owns 35per cent of the shares in the rare disease drugmaker, said in a statement that its focus would now be to"continue to create long-term value for Sobi's shareholders".

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