Investing.com -- On Tuesday, Biotage, a biotechnology company based in Sweden, announced that KKR, an American global investment company, has made a cash offer to acquire it.

The proposed deal values Biotage at approximately 11.6 billion Swedish crowns ($1.22 billion).

The cash offer from KKR is priced at 145 crowns per share, which is a 60.1% premium over Biotage’s closing share price on April 17.

In a statement released by Biotage, it was revealed that the company’s board of directors have unanimously recommended that the shareholders accept KKR’s offer.

The board’s decision indicates their belief that the offer is in the best interest of the company and its shareholders.

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