SWEDEN - AMF Pension rejects EQT-backed bid for Q-Med

Ivytan AB, which is indirectly owned by EQT and Lyftet Holding, made a cash offer for Q-Med valuing the business at SEK 3.9bn last month. The bid was priced at SEK 39 per Q-Med share - a 24% premium to the closing price on 31 October.

Lyftet Holding, controlled by Q-Med founder Bengt Ågerup, owns 47.5% of the capital and votes in Q-Med. Ågerup founded the company in 1987 based on his research on hyaluronic acid. Its first product, which is used for lip augmentation and filling out of wrinkles, obtained approval for sales in Europe in 1996. The company was listed on the Stockholm Stock Exchange in 1999.

A decision from all shareholders is expected to be announced on Wednesday 10 December.

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