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Amgen's cash offer to buy Nuevolution gets additional shareholder backing

Two more shareholders of Nuevolution AB agreed to accept Amgen Inc.'s cash offer to acquire the company at 32.50 Swedish kronor per share.

S-E-Bankens Utvecklingsstiftelse and SEB-Stiftelsen, along with Skandinaviska Enskilda Bankens Pensionsstiftelse, which own about 7% and 5%, respectively, of Danish biotechnology company Nuevolution, have undertaken to accept Amgen's offer, subject to certain conditions.

Sunstone LSV Fund I K/S, Skandinaviska Enskilda Banken AB (publ) and Stiftelsen Industrifonden — which own a combined 59% of the total outstanding shares and votes in Nuevolution — agreed to accept the cash offer, also subject to the same conditions, Amgen said May 22.

The acceptance period for the offer will start on or about June 13 and will expire on or around July 4. Settlement is expected to take place July 15.

Thousand Oaks, Calif.-based Amgen's offer valued Neuvolution at 1.61 billion kronor, or about $167 million, as of May 22, the day the deal was announced.

Copenhagen-based Nuevolution is a drug discovery company which partners its Chemetics platform with drugmakers to develop therapies.

As of May 28, US$1 was equivalent to 9.57 Swedish kronor.