KKR makes $1.2 billion offer for Sweden’s Biotage

COPENHAGEN (Reuters) -Sweden’s Biotage said on Tuesday that KKR had made a cash offer for the Swedish biotechnology firm, valuing it at around 11.6 billion Swedish crowns ($1.22 billion).

The offer price of 145 crowns per share represents a premium of 60.1% compared with its closing share price on April 17.

Biotage’s board of directors unanimously recommended to its shareholders that they accept the offer, the company said in a statement.

Gamma Biosciences, which is controlled by KKR, is the company’s biggest shareholder owning a 17% stake.

($1 = 9.5059 Swedish crowns)

(Reporting by Stine Jacobsen, editing by Terje Solsvik)