STOCKHOLM, Dec 3 (Reuters) - U.S. private equity firm Advent International and Singapore's sovereign wealth fund on Friday said they are withdrawing their bid for Swedish drugmaker Orphan Biovitrum (Sobi), citing a low acceptance level.
Sobi in September agreed to an $8 billion takeover by Advent and Aurora, an investment vehicle of Singapore's GIC Pte Ltd, through Agnafit Bidco.
"Since the acceptance level condition has not been fulfilled, Agnafit Bidco hereby withdraws the offer," Agnafit Bidco said in a statement.
Having soared 36% this year, Sobi shares closed at 226.60 crowns ($24.9) on Thursday, below the 235 crowns per share offer, which represented a premium of 34.5% to its Aug. 25 closing price.
Sweden's Investor AB, which owns 35% 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".
Agnafit said shares corresponding to around 87.3% of outstanding shares in Sobi, which sells drugs within haemophilia, autoimmune diseases, metabolic diseases and cancer supportive care, had been tendered, below its condition of more than 90%.
Sobi's best-selling drug, established haemophilia A treatment Elocta, with 4.6 billion crowns in 2020 revenues, is facing competition from Roche's Hemlibra.
($1 = 9.1125 Swedish crowns)
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