Bavarian Nordic has received a bid of DKK 233 per share, totaling approximately DKK 19 billion, from private equity funds Nordic Capital and Permira. The Danish pharmaceutical company confirmed the offer in a statement released Monday morning.

The Board of Directors of Bavarian Nordic intends to recommend that shareholders accept the offer when it is formally presented. This decision follows “intense negotiations,” according to Chairman of the Board Luc Debruyne.

Rumors of a potential takeover by a consortium including Swedish Nordic Capital and British Permira were confirmed by Bavarian Nordic on Thursday.

Bavarian Nordic produces a range of vaccines, including a smallpox vaccine utilized against mpox, also known as monkeypox.