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Danish pharmaceutical company Novo Nordisk [CPH:NOVO-B]’s EUR 2.6bn proposed takeover offer for Ablynx [EBR: ABLX] is not a high enough premium for the Belgian biotechnology company, according to two Ablynx top-10 investors.

There is definitely scope for a higher offer price, the first shareholder said, adding that the current offer was not too far off. He pointed at a EUR 32 per share as more attractive valuation. The second shareholder did not have a specific valuation in mind but said that the current price is not high enough and certainly does not reflect the value of the company fairly.

The main asset Novo Nordisk is likely to mainly be interested in is Ablynx’s caplacizumab, but the drug would be more profitable to Novo Nordisk than it is to Ablynx, the first shareholder explained. It is a strong asset, and this is the reason why from a long-term point of view, the current offer price does not reflect its real value, he added. Caplacizumab is an experimental drug to treat the rare bleeding disorder acquired thrombotic thrombocytopenic purpura, which would complement Novo’s line-up of blood products focused on haemophilia.

Ablynx could easily survive as a stand-alone company and does not need this transaction, the two shareholders agreed. The company has a strong profile, is financially strong and has the capability to run the business and develop its product portfolio by itself, the first shareholder explained.

So far, Ablynx management has not yet reached out to its shareholders to discuss the matter, the investors said, adding that they were confident management will do what is in their best interest. Novo Nordisk has not formally or informally approached Ablynx’s shareholders, they said.

Novo Nordisk confirmed today (8 Monday) that it has made a proposal on 22 December to acquire Ablynx at EUR 28 per share in cash and one Contingent Value Right ('CVR') with total potential cash payments over time of up to EUR 2.50 per share. This implies a total equity valuation of EUR 2.6bn. The offer represents a 43.9% premium over Ablynx’s EUR 21.2 share price as of 5 January. The Danish company said that the board of Ablynx has declined to engage in talks.

Ablynx has rejected Novo Nordisk’s proposal saying that the unsolicited bid fundamentally undervalues the company and its future prospects.

Ablynx and Novo Nordisk did not reply to request for comment.