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  4. Freshfields is lead transaction counsel on Permira and Nordic Capital’s offer for vaccine maker Bavarian Nordic
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Freshfields is lead transaction counsel on Permira and Nordic Capital’s offer for vaccine maker Bavarian Nordic
Jul 31 2025

Global law firm Freshfields is advising Permira and Nordic Capital on the intended acquisition of Bavarian Nordic A/S. Innosera ApS, a company controlled by Permira and Nordic Capital, has entered into an agreement with Bavarian Nordic in relation to an all-cash, voluntary, recommended public takeover offer to acquire all of the issued and outstanding shares in Bavarian Nordic. The offer values the equity of Bavarian Nordic at approx. $2.98bn.

Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. The company is a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and has a leading portfolio of travel vaccines. Bavarian Nordic is headquartered in Denmark and has manufacturing, research, and sales offices across Europe and North America.

Freshfields is acting as international lead transaction counsel to Permira and Nordic Capital. The team is led by Partners Markus Paul and Olga Stürmer (both Frankfurt, Private Capital).

The further Freshfields team consisted of:

Partners: Philipp Dohnke (Healthcare Commercial, Hamburg), Michael Ramb (Healthcare Regulatory, Düsseldorf/Berlin), Frank Schaer (Employment, Frankfurt), Simone Bono (US Securities, London)

Counsel: Marius Scherb (Healthcare Commercial, Hamburg), Lukas Pomaroli (Regulatory, Vienna), Ethan Magid (US Securities, London)

Principal Associates: Bastian Schuster (Munich), Stephan Reemts (Frankfurt, both Private Capital), Maximilian Zellerhoff (Corporate, Hamburg), Fabian Zöpfchen (Employment, Frankfurt)

Associates: Lukas Hollerung, Sophie Thieme (both Private Capital, Frankfurt), Christoph Hautkappe (Employment, Frankfurt), Tanja Pfleger (Data Protection), Marcel Neuhauser (Regulatory, both Vienna)

Freshfields has extensive experience in the role as international lead counsel for financial sponsor clients on significant transactions across Europe. Recent examples include acting as lead transaction counsel to Permira and Blackstone on the take-private of Adevinta, one of the largest European buyouts announced in 2023, and advising Apax and Warburg Pincus on their acquisition of T-Mobile Netherlands in 2021.

Team
Frankfurt am Main
Markus PaulPartner
Frankfurt am Main
Olga StürmerPartner
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