Hansa Biopharma AB recognizes a write-up of SEK 1.430 billion in intangible assets related to Idefirix in the financial statements of the parent company - no impact on the consolidated financials
Lund, Sweden, July 4, 2023 Hansa Biopharma AB (publ.) (Nasdaq Stockholm: HNSA), a pioneer in enzyme technology for rare immunological conditions, announces today that, in accordance with chapter 4, 6§ of the Swedish Annual Accounts Act (1995:1554) and RFR 2, it has elected to recognize a write-up of SEK 1.430 billion in intangible assets in the statutory financial statements of the parent company Hansa Biopharma AB.
The write-up relates to Idefirix®, that has received a conditional market authorization in the European Union (EU)/EEA and United Kingdom (UK) for the desensitization treatment of highly sensitized adult kidney transplant patients with a positive crossmatch against an available deceased donor. After the write-up, the asset will have a gross value of 1.500 billion SEK in the financial statements of Hansa Biopharma AB. The write-up will increase the restricted shareholder equity in Hansa Biopharma AB by SEK 1.430 billion. The write-up results in a taxable temporary difference for which a deferred tax liability of SEK 0.295 billion is recognized, with a corresponding decrease in restricted shareholder equity. As a result of recognizing the deferred tax liability Hansa has recognized a deferred tax asset of SEK 0.295 billion through profit or loss, increasing unrestricted shareholder equity, related to previously unrecognized tax losses. The deferred tax liability and deferred tax asset are offset in the balance sheet.
The fair value of the asset has been independently determined by applying the so-called “income approach” which calculates the value on the basis of discounted future economic benefits expected to be provided by the asset.
The intangible asset will be subject to regular amortization over its useful life, currently expected to be at least 10 years.
The write-up of the intangible asset will not impact the consolidated IFRS financial statements of the Hansa Group.
Baker & McKenzie Amsterdam NV acted as the independent valuation expert and Fenix Advisory AB acted as accounting advisor.
This press release constitutes inside information that Hansa Biopharma AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact person set out below, at the time stated by the Company's news distributor, Cision at the publication of this press release.
For further information, please contact:
Klaus Sindahl, VP Head of Investor Relations
M: +46 (0) 709–298 269
E: klaus.sindahl@hansabiopharma.com
Stephanie Kenney, VP Global Corporate Affairs
M: +1 (484) 319 2802
E: stephanie.kenney@hansabiopharma.com
About Hansa Biopharma
Hansa Biopharma is a pioneering commercial-stage biopharmaceutical company on a mission to develop and commercialize innovative, lifesaving and life altering treatments for patients with rare immunological conditions. Hansa has developed a first-in- class immunoglobulin G (IgG) antibody cleaving enzyme therapy, which has been shown to enable kidney transplantation in highly sensitized patients. Hansa has a rich and expanding research and development program, based on the Company’s proprietary IgG-cleaving enzyme technology platform, to address serious unmet medical needs in transplantation, autoimmune diseases, gene therapy and cancer. Hansa Biopharma is based in Lund, Sweden and has operations in Europe and the U.S. The Company is listed on Nasdaq Stockholm under the ticker HNSA. Find out more at hansabiopharma.com.