Ablynx says Novo Nordisk bid under-values the company
Following this morning’s confirmation that it had made that Novo Nordisk (NOV: N) has made an increase, unsolicited bid to acquire Belgian biotech firm Ablynx (Euronext Brussels: ABLX), the latter responded in the afternoon saying the offer fundamentally under-values the company and its leading asset.
The Novo Nordisk offer was for 28.00 euros per share in cash and one CVR with total potential cash payments over time of up to 2.50 euros per share, representing a total equity valuation of around 2.6 billion euros ($3.1 billion).
Trading in Ablynx’ shares was suspending pending the board announcement, but on resumed activity they leapt 44.8% to 30.70 euros.
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