Business & Finance
Hansa Biopharma declares recognition of SEK1.430bn write-up for Idefirix in parent company's financial statements
4 July 2023 -

Hansa Biopharma AB (Nasdaq Stockholm: HNSA), a pioneer in rare immunological condition enzyme technology, announced on Tuesday that it has chosen to recognize a write-up of SEK1.430bn in intangible assets in the financial statements of the parent company, Hansa Biopharma AB. This recognition is in compliance with Swedish Annual Accounts Act and RFR 2 regulations.

The write-up pertains to Idefirix, which has received conditional market authorization in the EU/EEA and UK for desensitisation treatment in highly sensitised adult kidney transplant patients. Following the write-up, the asset will have a gross value of SEK1.500bn in Hansa Biopharma AB's financial statements, increasing the restricted shareholder equity by SEK1.430bn.

This write-up also results in a deferred tax liability of SEK0.295bn, offset by a corresponding deferred tax asset of SEK0.295bn recognised through profit or loss. The fair value of the asset was determined independently using the income approach, based on discounted future economic benefits.

The intangible asset will be subject to regular amortization over its anticipated useful life, expected to be a minimum of 10 years. Notably, this write-up will not impact the consolidated IFRS financial statements of the Hansa Group.

Baker & McKenzie Amsterdam NV provided independent valuation expertise, while Fenix Advisory AB served as the accounting advisor for this transaction.