Business & Finance
Navamedic announces cash offer to acquire Sensidose for approximately SEK75m
29 March 2023 -

Nordic pharmaceutical company Navamedic ASA (OSE:NAVA), disclosed on Wednesday that it has submitted a cash offer of approximately SEK75m to acquire all shares in Sensidose AB, a Sweden-based pharmaceutical company that sells drugs in combination with a device for individual dosing for patients with advanced Parkinson's disease.

The company said that this offer is recommended by Sensidose's independent bid committee. The offer is based on the 11,958,651 outstanding shares in Sensidose.

Sensidose shares are currently listed on Spotlight Stock Market in Sweden. It has conducted sales in Sweden since the end of 2016 and in Norway and Denmark since 2018. Sensidose products have received market approval in eight additional countries and has initiated dialogues for geographic expansion. Approximately 270 patients are currently being treated with Sensidose's medicine. Its total revenues amounted to SEK7.9m in 2022.

Navamedic added that the acceptance period for the offer starts on 30 March 2023 and will end on or about 21 April 2023 (subject to extension). Settlement is expected to commence on or about 28 April 2023, conditional upon certain customary conditions on the Swedish market, including but not limited to Navamedic becoming the owner of shares in Sensidose representing more than 90% of the total number of shares and votes in Sensidose (on a fully diluted basis).

(USD1.00 = SEK10.39)