Belgium-based biotech firm Ablynx has rejected a proposal made by Denmark’s Novo Nordisk to purchase all of its outstanding shares for about $33.66 per share.

Proposed on 22 December 2017, the bid also included one contingent value right (CVR) with total potential cash payments of up to $3 per share, associated with two upcoming material events.

According to Reuters, the total value of the bid amounted to approximately $3.1bn, which is 14% higher than the one initially made on 7 December to purchase all outstanding shares of Ablynx for about $31.57 per share.

Novo Nordisk has made the proposition after a deep analysis of Ablynx’s business and product portfolio, and believes that integration of the latter’s caplacizumab will support its global haematology franchise.

Novo Nordisk CEO Lars Fruergaard Jørgensen said: “The proposed transaction with Ablynx represents a compelling opportunity for both companies and is in the best interests of all of Ablynx’s stakeholders.

“The proposed transaction with Ablynx represents a compelling opportunity for both companies and is in the best interests of all of Ablynx’s stakeholders.”

“The proposed transaction is attractive for Novo Nordisk and is in line with Novo Nordisk’s stated strategy to invest in its biopharm operations.

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“Ahead of the rapidly approaching potential EMA approval of caplacizumab, we believe now is the right time to consider a transaction that maximises value for all of Ablynx’s stakeholders.”

Ablynx said that the offer has been declined due to fundamental undervalue to the firm and its vision for continued growth and value creation.

Ablynx CEO Dr Edwin Moses said: “After careful consideration, the Ablynx board of directors unanimously determined that Novo Nordisk’s proposal is not in the best interests of the company and its shareholders as it fundamentally undervalues caplacizumab, the Ablynx pipeline, platform, technology, people, and know how.”