Brighter sells its subsidiary Camanio AB for SEK 65 million
Brighter AB (Publ) today announced it entered into an agreement with AddLife AB (Publ) (AddLife) to sell all of the shares in its fully-owned subsidiary Camanio AB (Camanio) for SEK 65 million in cash. The sale means that the Company can focus more on its core business, at the same time as the cost base is reduced.
AddLife purchased all of the outstanding shares in Camanio and paid SEK 65 million in cash, including debt to be repaid by Camanio to Brighter. The deal included the sale of Camanio’s non-core assets Bestic, Giraff and BikeAround, Camanio’s SmartCare platform and related intellectual property. Brighter has given customary warranties for a transaction of this nature.
During the fall of 2021, the board and management made a strategic evaluation of the Company and decided to streamline its operations to fully focus on its core business of digital solutions for connected and data-driven diabetes care. The decision is based on the future potential of this market, where the number of people with diabetes is expected to increase from 537 million to 784 million in 2045, according to IDF Diabetes Atlas.
To support the strategic development it was decided to explore and identify new ways of financing its subsidiaries, which ultimately led to a decision to sell all of the shares in Camanio. The net proceeds from the sale of Camanio will be used to strengthen the working capital for Brighter, to repay the recently announced bridge financing as well as to support the Company's ongoing commercialization of its Actiste solution. The Brighter group will also benefit from an approximately SEK 30 million reduction in burn rate on a yearly basis.
“I am very pleased that we have now taken another step on the journey towards streamlining our core business. In the wake of Covid-19, demand for new innovative digital products and services has increased, and we can now better allocate the resources needed to accelerate expansion in the global market. I am also confident that this is a positive boost for Camanio to further develop and strengthen AddLife’s care platform and provide many new opportunities for its customers and partners,” said Christer Trägårdh, Chairman of the Board of Brighter. “In addition, Brighter is in ongoing discussions with stakeholders to further streamline its business through the sale of some or all of its interest in its subsidiary Nectarine Health and also its 9% stake in Accumbo AB, proprietor of the Blodtrycksdoktorn blood pressure monitoring specialist.”
AddLife AB is an independent European player in Life Science that offers high-quality products, services and consulting to both the private and public sectors. AddLife has about 1,800 employees in around 70 operating subsidiaries, which operate under their own brands. AddLife is listed on NASDAQ Stockholm.
For more information, please contact:
Investor Relations
ir@brighter.se
Certified Adviser
Brighter's Certified Adviser is Eminova Fondkommission AB, +46 [0)8 - 684 211 10, adviser@eminova.se, www.eminova.se.
About Brighter AB (publ)
Brighter is a health-tech company from Sweden with a vision of a world where managing chronic diseases is no longer a struggle. We believe a data-centric approach is key to providing smarter care for chronic conditions. Our daily-care solutions are designed with a vision to facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones and their care providers – aiming to improve quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter's quality management system is ISO-13485 certified. In 2019 the company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG. https://brighter.se/
This information is information that Brighter AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 14:30 CET on 1 December 2021