Novo Nordisk A/S (CPSE:NOVO B) made an offer to acquire Ablynx NV (ENXTBR:ABLX) for approximately €2 billion on December 7, 2017. Novo Nordisk offered €26.75 per share in cash. The proposal was rejected by Ablynx's Board of Directors on December 14, 2017. Novo Nordisk A/S made a revised offer to acquire Ablynx NV (ENXTBR:ABLX) for €2.1 billion on December 22, 2017. Novo Nordisk submitted a revised non-binding proposal to acquire Ablynx for up to €30.5 per share, including €28 per share in cash and one CVR with total potential cash payments over time of up to €2.5 per share. Each CVR would entitle Ablynx's shareholders to receive €0.5 per CVR upon Ablynx's partner for vobarilizumab electing to exercise its opt-in right to license the drug candidate following completion of the ongoing phase II STEADY trial and €2 per CVR upon initiation of a phase III trial for ALX-0171. Novo Nordisk's proposal to Ablynx's Board of Directors is subject to satisfactory completion of due diligence and the negotiation, execution and delivery of a mutually acceptable definitive transaction agreement. The revised proposal was rejected by Ablynx's Board of Directors on December 23, 2017. The Ablynx Board of Directors unanimously concluded that the proposal fundamentally undervalues Ablynx and its strong prospects for continued growth and value creation as it implements its long-term strategic plan of becoming a fully integrated biopharmaceutical company. Evercore Inc. (NYSE:EVR) acted as financial advisor and Stibbe B.V. Cvba and Davis Polk & Wardwell LLP acted as legal advisor to Novo Nordisk A/S (CPSE:NOVO B). JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor and Goodwin Procter LLP and Eubelius acted as legal advisor to Ablynx NV. Jan J.H. Joosten of Baker & McKenzie LLP acted as legal advisor to Van Herk Investments B.V.