Pharmaceutical company Karo Pharma AB (STO:KARO) has completed the acquisition of all shares in Trimb Holding AB from Avista Capital Partners and other shareholders for SEK3,400m, the company confirmed on Thursday.

This deal was signed on 21 June 2019 and approved by relevant competition authorities on 4 September 2019.

This acquisition is expected to contribute positively to Karo Pharma's market position and create a strong platform for its continued growth. Also, the acquisition is expected to bring synergy potential for Karo Pharma in the form of both sales and cost synergies.

Reportedly, Karo Pharma's intention is to repay part of the acquisition financing related to the acquisition of Trimb with proceeds from a new share issue. Hence, the company's board of directors has proposed that the extraordinary general meeting in Karo Pharma, to be held on 20 September 2019, authorise the board of directors to resolve on a new share issue with pre-emptive rights for existing shareholders.

Provided that the board receives such authorisation from the extraordinary general meeting, the new share issue with pre-emptive rights is expected to be executed during the fourth quarter of 2019.

In addition, as a part of the acquisition of Trimb, Karo Pharma has made executive management changes.

Magnus Nylén, previously CEO at Trimb, is appointed new chief sales officer. Nylén also has experience as managing partner and managing director at Exeltis, as well as marketing director at Actavis.

Jonathan Kimber, previously head of Supply Chain at Trimb, is now appointed new VP Operations. Kimber has prior experience from several positions at Oriflame.

Sofia Pedersen, previously head of Scientific Affairs at Trimb, is appointed new VP Scientific Affairs. She has prior experience as Manager Regulatory Affairs at Bausch + Lomb, as well as Nordic Regulatory Affairs Officer at Actavis.

Further, Anna Elmblad, previously head of Marketing & Business Development at Trimb, is appointed new VP Marketing Wellness, Foot Care and Intimate Care. Her prior experience includes serving as business unit director at Teva and Allergan.

As a result, the executive management of the company now consists of Christoffer Lorenzen (CEO), Mats-Olof Wallin (CFO up until 1 October 2019, after which he is succeeded by Jon Johnson), Nylén (chief sales officer), Carl Lindgren (VP Business Development), Kimber (VP Operations), Pedersen (VP Scientific Affairs), Lisa Westerdahl, (VP Marketing Pain, Dermatology and Pharma), Elmblad (VP Marketing Wellness, Foot and Intimate Care) and Hadi Ghane (director, Hospital Supply).

(EUR1.00=SEK10.64)