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Denmark's Novo Nordisk offers $3.1 billion for Belgian biotech group Ablynx

Reuters  |  BRUSSELS 

(Reuters) - Danish drugmaker said on Monday it had made 2.6 billion euros ($3.12 billion) bid for Belgian group Ablynx, the latest offer by big company for Belgian firm.

already rejected an offer by the Danish group on Dec. 14 and said the new bid, made on Dec. 22, was some 14 percent higher. The Belgian company was not immediately available for comment on Monday.

"regrets that the board of directors of has so far declined to engage in any discussions, despite the proposals which have been put forward," it said in statement.

The Danish company said it would pay 28.00 euros per share in cash for and an additional 2.50 euros per share if certain conditions related to its research portfolio were met.

Ablynx's shares have almost doubled in price in the past 12 months, buoyed by successful medical trial data. They closed at 21.20 euros on Friday.

specialises in researching novel drugs based on nano-bodies found in the of llamas and alpacas, for which it partners with several of the world's largest firms.

Its products, which are all still undergoing medical trials, target many such as rheumatoid arthritis, or

An acquisition would be the first by Lars Fruergaard Jorgensen, who took over year ago.

He has said the firm needs external innovation to broaden its product line-up.

Nordisk, the world's biggest company, has sat out rash of deal-making that has gripped the rest of the drugs industry in recent years. It has instead focused on its market-leading position making insulin and other treatments.

In March, the company approached Global Blood Therapeutics, U. S. company focused on serious blood disorders, to discuss potential takeover.

Tax breaks and other incentives have created thriving industry in Belgium, with many companies spun off from university projects now listed on the local stock exchange.

Last week, Japan's bid 520 million euros for Belgian group

($1 = 0.8322 euros)

(Reporting by Robert-Jan Baratunek in Brussels; Additional reporting by Philip Blenkinsop in and Abinaya Vijayaraghavan in Bengaluru; Editing by Edmund Blair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 13:01 IST
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