Pharmaceutical company Sobi could face either a takeover by AstraZeneca or continued expansion on its own when Börje Ekholm takes over as chairman next spring. EFN writes this in a recent commentary.
The background is reports that AstraZeneca has made a bid of around USD 10 billion for US-based Rhythm Pharmaceuticals. According to EFN, the acquisition interest also raises the question of the future of Investor-controlled Sobi, in which AstraZeneca owns just under 10 percent of the votes.
In 2021, AstraZeneca blocked a takeover bid for Sobi from the private equity firms Advent and GIC, despite the fact that major shareholder Investor had accepted the offer. The bid was SEK 235 per share, while Sobi currently trades at around SEK 485 and is valued at approximately SEK 170 billion.
EFN points out that AstraZeneca’s financial position has strengthened since then. According to Bloomberg data, debt relative to EBITDA is at its lowest level since 2015, which could enable an acquisition of both Sobi and Rhythm Pharmaceuticals. AstraZeneca’s target of USD 80 billion in revenue by 2030 could also increase interest in Sobi’s drug portfolio, with Gamifant highlighted as an important asset.
The second scenario is that Sobi continues to grow independently, both organically and through acquisitions.
The proposal that former Ericsson and Investor executive Börje Ekholm take over as chairman is meanwhile seen as a sign that Investor is tightening its grip on the pharmaceutical company. Sobi is also expected to be added to the Stockholm Stock Exchange’s large-cap index OMXS30 at the next index review, which could increase interest in the stock.
