KKR IUH LLC

The offer by private equity firm KKR comes amid a dry patch for mergers and acquisitions due to US President Donald Trump’s tariffs. Image credit: Shutterstock/ Piotr Swat. Private equity firm KKR has offered to buy all shares in Swedish life sciences company Biotage for Skr11.6bn ($1.2bn). The public cash offer, via a newly formed company by KKR called RWK BidCo, is for Skr145 per share in Biotage. The offer, made on 22 April, represents a 60.1% premium on the life science group’s last closing share price on 17 April. Shares in Stockholm-listed Biotage surged 36% at market open on 22 April following the offer. The company has a market cap of $1.2bn. Based on a full evaluation and assessment of the US private equity firm’s takeover bid, Biotage’s board has recommended to shareholders that the offer be accepted. The deal comes amid a dry patch for mergers and acquisitions involving US equity due to US President Donald Trump’s tariff policy , however KKR seems to be bucking that trend. The firm stuck another sizeable healthcare deal recently, agreeing to acquire E45 maker Karo Healthcare – also Stockholm-based – for €2.6bn ($3bn) earlier in April. Biotage develops products used in drug discovery and development, including synthesisers, purification systems, and evaporators, amongst others. It also provides products for clinical and bioanalytical testing and toxicology. KKR already owns a 17% stake in Biotage through Gamma Biosciences, a life sciences tool investment platform it created in 2019. It soon could have full ownership of a company that struggled financially in the past year. Releasing its interim Q1 report on the same day, Biotage reported a sales decrease of nearly 20% compared to the same period in 2024.  The life sciences group has previously highlighted the volatility within the bioprocessing market. Other big companies such as Merck’s life science division MilliporeSigma has also felt the effects of the sector’s low customer numbers. Despite Biotage seeing stronger demand in the drug discovery segment and peptide system manufacturing, the company deemed KKR as having “the potential to leverage its network of industrial advisers to accelerate the company’s scale-up in a private setting in the years ahead.” Although the board admitted it sees additional value held by Biotage that is not fully reflected in KKR’s offer, it “recognises that there are risks related thereto and the associated short-term volatility”. Biotage’s CEO Frederic Vanderhaegen said in a statement following the Q1 results: “We remain confident in our future mid to long-term outlook while managing the short-term headwinds with a right-sized cost base.”

Stockholm, April 10, 2025 – Immedica continues to expand its presence in the rare disease space by introducing a new Therapeutic Area (TA) and refining its existing structure. This strategic development follows the recently announced acquisition of Marinus Pharmaceuticals, further reinforcing Immedica’s commitment to delivering innovative treatments to patients with rare conditions. The newly established Therapeutic Area, RARE Neurology, will focus on addressing the needs of patients with rare neurological diseases. This addition strengthens Immedica’s portfolio and aligns with the company’s mission to bring life-changing therapies to underserved patient populations. In parallel, Immedica is refining its existing rare disease Therapeutic Areas to reflect its strong focus on the rare disease community: RARE Metabolic (formerly Genetic & Metabolic Diseases) RARE Hematology & Oncology (formerly Hematology & Oncology) By integrating “RARE” into each TA, Immedica underscores its unwavering commitment to patients with rare diseases. Additionally, Specialty Care remains a key part of the company’s therapeutic focus. “All our Therapeutic Areas hold equal importance, and our goal is to maximize their potential. This refined structure enables us to strengthen our performance and continue delivering meaningful impact for people living with rare diseases,” said Anders Edvell, CEO at Immedica Pharma. With this enhanced focus, Immedica is well-positioned to further drive innovation and improve access to treatments for patients across its expanded rare disease portfolio. About Immedica Immedica is a pharmaceutical company, headquartered in Stockholm, Sweden, focused on the commercialization of medicines for rare diseases and specialty care products. Immedica’s capabilities cover marketing and sales, compliance, pharmacovigilance, quality assurance, regulatory, medical affairs and market access, as well as a global distribution network serving patients in more than 50 countries. Immedica is fully dedicated to helping those living with diseases which have a large unmet medical need. Immedica’s therapeutic areas are within RARE metabolic, RARE hematology & oncology, RARE neurology and specialty care. Immedica was founded in 2018 and employs today around 140 people across Europe, the Middle East and the United States. Immedica is backed by the investment firms KKR and Impilo. For more information visit www.immedica.com. Immedica contact: Linda Holmström Head of Communication linda.holmstrom@immedica.com + 46 708 73 40 95 We believe we have an important role to fill in society – bringing new, innovative treatments to patients with rare diseases. Focus areas are within genetic & metabolic diseases, hematology & oncology and specialty care. We operate products from phase 2 and all the way to mature products. ESG is an integrated part of our business model. Stay up to date with our latest news. Telephone: +46 (0) 8 533 39 500 E-mail: info@immedica.com

导语：2025 年 3 月，美国基因治疗公司 Bluebird Bio 宣布收到英国 Ayrmid 集团每股 4.5 美元的收购要约，较其此前与凯雷（Carlyle）和 SK Capital 达成的每股 3 美元协议溢价 50%。这场突如其来的 “截胡” 不仅折射出 Bluebird Bio 的战略困境，更将基因治疗行业的估值危机与并购潮推向台前。一、收购战升级：溢价 50% 的 “截胡” 与行业寒冬报价对比：Ayrmid 的收购方案包括每股 4.5 美元的预付款及最高 6.84 美元的里程碑付款，较原协议总价值提升 50%，使 Bluebird 估值从 2900 万美元跃升至 4500 万美元。行业背景：Bluebird Bio 曾是基因治疗领域的明星企业，其 β- 地中海贫血疗法 Zynteglo 2024 年销售额仅 4200 万美元，远低于预期，导致股价较 2021 年峰值下跌 90%。此次收购战正值全球基因治疗融资额同比下降 45%，行业进入 “寒冬期”。二、Bluebird Bio 的 “自救” 与 “被救”战略困境：公司因高昂的研发成本（单药开发超 10 亿美元）和商业化失败陷入财务危机，2024 年净亏损达 2.1 亿美元。原收购协议被指 “贱卖”，凸显投资者对基因治疗商业化前景的悲观预期。新买方意图：Ayrmid 旗下 Gamida Cell 专注于异基因细胞疗法，此次收购或为获取 Bluebird 的慢病毒载体技术，加速其在血液癌症领域的布局。三、行业震荡：基因治疗并购潮的 “多米诺骨牌”估值逻辑生变：传统基因治疗公司估值从 “研发潜力” 转向 “商业化能力”，如 Spark Therapeutics 因脊髓性肌萎缩症药物 Spinraza 专利到期估值腰斩。私募资本（如凯雷、KKR）成为并购主力，2024 年基因治疗领域 70% 的交易由 PE 主导。技术整合趋势：Ayrmid 与 Bluebird 的技术互补性显著，前者的烟酰胺技术与后者的基因编辑平台结合，可能开发出更高效的造血干细胞疗法。类似案例：默沙东 2024 年以 20 亿美元收购 Prometheus Biosciences，强化自身免疫病管线。四、专家观点：并购潮下的行业分化积极派：Evercore 分析师认为，“Ayrmid 的高溢价报价显示基因治疗技术仍具战略价值，行业整合将加速淘汰低效企业。”谨慎派：SVB Leerink 指出，“Bluebird 的案例反映基因治疗进入‘成熟期’，未来只有具备差异化技术与商业化能力的公司才能存活。”五、未来展望：基因治疗的 “并购时代”Bluebird 的抉择：董事会需在 45 天内决定是否接受 Ayrmid 报价，若违约需支付 150 万美元解约金（仅占新报价溢价的 1%）。行业影响：可能引发基因治疗领域的 “竞价战”，如 CRISPR Therapeutics 或成为下一个收购目标。监管压力加剧，美国 FDA 已收紧基因治疗审批标准，2024 年批准数量同比下降 33%。六、结语当 Bluebird Bio 在收购战中艰难抉择，基因治疗行业正经历从 “梦想” 到 “现实” 的残酷洗礼。这场溢价 50% 的报价不仅是对一家公司的估值修正，更是对整个行业的价值重估 —— 在资本寒冬中，唯有通过技术整合与战略聚焦，才能在基因治疗的 “后泡沫时代” 找到生存之道。参考来源：https://www.fiercepharma.com/pharma/bluebird-bio-receives-rival-ma-bid-worth-50-higher-carlyle-sk-offer识别微信二维码，添加抗体圈小编，符合条件者即可加入抗体圈微信群！请注明：姓名+研究方向！本公众号所有转载文章系出于传递更多信息之目的，且明确注明来源和作者，不希望被转载的媒体或个人可与我们联系(cbplib@163.com)，我们将立即进行删除处理。所有文章仅代表作者观点，不代表本站立场。