Advent International Corporation and GIC Special Investments Pte. Ltd. made an offer to acquire Swedish Orphan Biovitrum AB (publ) (OM:SOBI) from Investor AB (publ) (OM:INVE A), AP Fonden 4 and others for SEK 69.4 billion on September 1, 2021. Under the transaction, Offerors will acquire 295,144,629 SOBI shares at a price of SEK 235 per share in cash. The intention of the Offerors is that SOBI's existing Chief Executive Officer, Guido Oelkers, will remain Chief Executive Officer of SOBI following completion of the Offer. The financing of the transaction is done in combination of funds available pursuant to equity commitments from Advent and Aurora and debt financing committed to be provided by certain banks and credit funds. Offerors to promote a de-listing of Sobi's shares from Nasdaq Stockholm after the completion of Offer. Completion of the Offer is conditional upon, amongst other things, Offerors becoming the owner of more than 90% of the total number of shares in SOBI and the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions, including from competition authorities. Compulsory acquisition can be launched when 90% or more acceptances are received. Transaction requires customary merger control approval in European union, Russia, Turkey and US. Based on the opinion from Danske Bank, the board of SOBI believes that Offer is fair and unanimously recommends that SOBI shareholders accept the Offer. Investor AB and AP Fonden 4, which have shareholdings in SOBI representing approximately 36.45% and 6.96%, respectively, of the total number of shares and votes in SOBI have undertaken to accept the Offer and irrevocable undertakings have been received.

The Board of SOBI permitted Offerors to carry out a confirmatory due diligence review of SOBI in connection with the preparation of the Offer. As on September 21, 2021, The offer document relating to the Offer has been approved and registered by the Swedish Financial Supervisory Authority. As on October 7, 2021, Advent International has received unconditional approval by the European Commission (EC) for acquisition of Orphan Biovitrum. As of October 8, 2021, Offeror has received the necessary competition clearances from the Turkish Competition Authority and the waiting period under the US Hart-Scott-Rodino Act has now expired. Competition clearance from the Russian Federal Antimonopoly Service is still pending. The transaction, which was examined under a normal review procedure, does not cause competition concerns on account of the parties' limited position in all markets where horizontal or vertical overlaps were identified, the EU antitrust regulator said. The EC has delivered its decision in advance of the stipulated October 19 deadline. Offer has received competition clearance from the Russian Federal Antimonopoly Service, as well as all necessary clearances or confirmations that clearances are not required under applicable foreign direct investment legislation. This means that Agnafit Bidco has obtained all necessary regulatory, governmental or similar clearances, approvals, decisions and other actions from authorities or similar, including from competition authorities. As of November 8, 2021, Offerors have received an acceptance in respect of 250,238,815 shares of SOBI corresponding to approximately 84.8%. The acceptance period of the Offer is expected to commence on or around September 22, 2021 and expire on or around October 21, 2021, subject to any extensions. As of October 25, 2021, offer is extended to November 4, 2021. Offerors have decided to further extend the acceptance period of Offer to November 12, 2021. Offerors reserves the right to further extend the acceptance period for the Offer. As on November 23, 2021, Agnafit Bidco has now further extend the acceptance period for the Offer until December 1, 2021.

Morgan Stanley & Co. International plc acted as financial advisor and Mannheimer Swartling Advokatbyrå AB acted as legal advisor to Swedish Orphan Biovitrum AB. Danske Bank A/S, Danmark,Sverige Filial acted as fairness opinion provider to the board of SOBI. Barclays PLC (LSE:BARC) served as a financial advisor for Advent. J.P. Morgan Securities Plc, Evercore Partners International LLP, Royal Bank of Canada (TSX:RY) and Skandinaviska Enskilda Banken AB (publ) (OM:SEB A) served as a financial advisor for Advent International and GIC Special Investments. Deutsche Bank Securities Inc. acted as financial advisor to Advent International Corporation. Pontus Enquist of Roschier Advokatbyrå Ab and Jonathan Wood, Murray Cox, Max Oppenheimer, Nitin Konchady, Lewis Blakey, Jenine Hulsmann, Neil Rigby and Nafees Saeed of Weil, Gotshal & Manges (London) Llp and Nafees Saeed and Elizabeth S. Weiswasser of Weil, Gotshal & Manges LLP acted as legal advisors to Advent International Corporation and GIC Special Investments. Linklaters LLP acted as legal advisor to GIC Special Investments Pte. Ltd. UBS AG, London Branch acted as financial advisor to Advent International Corporation. Jefferies Financial Group Inc. acted as financial advisor to Advent International Corporation.