A&O Shearman advises Bavarian Nordic on all-cash USD3 billion offer from Nordic Capital and Permira

Nordic Capital and Permira announced the take-private offer on July 28, 2025 in a press release. The board of directors of Bavarian Nordic unanimously recommend that company shareholders accept the offer.

Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. Nordic Capital is a leading private equity investor focused on healthcare, technology and payments, financial services, and industrial tech. Permira is a global investment firm with committed capital of approximately EUR80bn that advises funds across private equity and credit.

The A&O Shearman team that counselled Bavarian Nordic was headed by U.S. securities partner Jeff Hendrickson who led the firm’s contribution on U.S. securities law with associates Qi Xie and Rose Whitlock in London, and M&A partners Daniel Litowitz, Clare O’Brien, and Derrick Lott in New York.

A&O Shearman partner Jeff Hendrickson said, “We are proud to have supported Bavarian Nordic on this landmark transaction, which showcases our ability to bring the requisite experts to support our international clients on issues of U.S. law. By leveraging our transatlantic expertise, we were able to deliver integrated advice across U.S. securities, antitrust, and CFIUS matters, ensuring a smooth and successful outcome for our client.”

Kuang Chiang and Maura Rezendes in Washington, D.C. provided CFIUS advice; Jessica Delbaum and Andrew Shaeffer in New York and Brandon Abrams and Nicholas Putz in Washington, D.C. counseled on antitrust matters; and Melisa Brower provided advice on tax and compensation.