Buyout group EQT announced a cash offer for Recipharm valuing the company at 23.6 billion Swedish crowns ($2.80 billion).

Recipharm, a contract development and manufacturing organisation (CDMO) for the pharma industry, recently signed a preliminary deal with Moderna to fill and seal the packaging for the US company’s new COVID-19 vaccine.

EQT said it was bidding 220 crowns per Recipharm share, a 22.9 per cent premium to Recipharm’s closing price.

“Recipharm has generated strong growth over the past years through a number of acquisitions, and today holds a strong position in the global CDMO market,” Erika Henriksson, a partner at EQT, said in a statement.

“EQT wants to support Recipharm’s continued development, which will require significant and long-term investments.”

EQT said it had secured ownership of around 25.7 per cent of Recipharm shares and 74.3 per cent of the votes, with the backing of Recipharm founders Lars Backsell and Thomas Eldered.

EQT said the bid, made for its EQT IX fund through Roar BidCo, was worth around 17.9 billion crowns for the shares and convertible bonds it did not control.

Recipharm’s independent board said it would now “thoroughly evaluate the offer and present its opinion to the shareholders in due course.