(Reuters) -Bavarian Nordic said on Wednesday a consortium led by Nordic Capital and Permira has raised its offer price for the vaccine maker to 250 Danish crowns ($38.94) after its initial bid was not accepted by a sufficient number of investors.

Innosera, a newly formed entity controlled by the consortium, had offered to buy Bavarian Nordic in July for 233 crowns per share, or around $3 billion in total, with the biotech’s board unanimously recommending the offer to its shareholders in August.

Bavarian Nordic’s stock closed at 230.5 crowns on Wednesday.

However, shareholders representing only about 25.7% of Bavarian Nordic’s share capital have so far accepted the offer, according to the statement. This is below the revised 75% threshold the consortium had.

Innosera has now informed Ba

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