Danish drugmaker Novo Nordisk has revised up its offer for Belgian biotech company Ablynx as it looks to find growth opportunities beyond its core business.
The Copenhagen-based company said Monday it is offering up to 30.50 euros for each Ablynx share, valuing the company at around 2.6 billion euros ($3.1 billion).
The latest offer values the Belgian company some 14 percent more than the first proposal, which was rejected in December.
Ablynx said the new proposal still undervalues the company.
Ablynx is developing nanobodies and deals with the experimental drug caplacizumab for a rare bleeding disorder among other things.
Novo Nordisk said the deal would combine the companies' regulatory, scientific and commercial expertise "with Ablynx's strong existing medical teams to optimize the development and global commercialization of caplacizumab."