EQT Offers $2.3 Billion for Recipharm After Raising Latest Bid

EQT AB, one of Europe’s biggest private equity firms, has raised its bid for Recipharm AB and is now offering almost $2.3 billion for the Swedish pharmaceutical company.

Stockholm-based EQT agreed to pay 232 kronor per share, up from its previous offer of 220 kronor, it said on Thursday. The firm is also raising its offer to convertible bondholders. Shares in Recipharm, which last year teamed up with Moderna Inc. to help formulate, fill and finish its Covid-19 vaccine, traded at 228 kronor a piece on Wednesday.

EQT said Recipharm’s independent board of directors of has told it “that ...