Denmark's Novo Nordisk A/S (NOVO-B.KO) said Monday it won't come back with a revised bid for Ablynx NV (ABLX) after the Belgian biopharmaceutical company agreed a takeover deal from Sanofi SA (SAN.FR).
Novo Nordisk had been courting Ablynx for the last couple of months, but said recently that the Ablynx board had rejected two of its bids and declined to engage in any discussions.
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Novo Nordisk's latest offer, made Dec. 22, 2017, was a 2.6 billion-euro ($3.2 billion) bid consisting of EUR28.00 upfront and EUR2.50 in Contingent Value Rights.
Ablynx accepted a EUR3.9 billion offer from Sanofi on Monday, saying the French drug maker's bid "represents compelling value for shareholders and maximizes the potential of our pipeline."
In response, Novo Nordisk confirmed it would not be making a revised proposal.
Write to Dominic Chopping at firstname.lastname@example.org; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
January 29, 2018 05:44 ET (10:44 GMT)