InDex Pharmaceuticals publishes NAV for Flerie as of May 31, 2024
June 4, 2024 - InDex Pharmaceuticals Holding AB (publ) ("InDex Pharmaceuticals" or the "Company") entered into a conditional agreement on May 20, 2024 to acquire all shares in Flerie Invest AB ("Flerie") (the "Transaction"). In the acquisition, Flerie is valued at approximately SEK 3,073 million, representing a discount of approx. 15.7 percent compared to the Net Asset Value (NAV) above as of May 31, 2024. The acquisition takes place through a non-cash issue of shares in InDex Pharmaceuticals, meaning that each share in Flerie will correspond to approx. 54 newly issued shares in InDex Pharmaceuticals. The stated NAV per share in Flerie thus corresponds to approximately SEK 0.60 per share in InDex Pharmaceuticals.
Background
On May 20, 2024, InDex Pharmaceuticals entered into an agreement to acquire all shares in Flerie through an issue in kind. The Transaction constitutes a so-called reverse merger whereby Flerie becomes a wholly owned subsidiary of InDex Pharmaceuticals. Flerie's shareholders will initially hold approximately 91.9 percent of the total number of shares and votes in the Company, prior to the completion of the capital raising described in the press release published by the Company on May 20, 2024. The completion of the reverse merger is conditional upon resolutions at extraordinary general meetings to be held on June 10, 2024 and that the Company receives approval for continued listing on Nasdaq First North Growth Market
Fleries NAV per May 31, 2024
In light of the above, the Company today publishes Flerie's NAV. On May 31, 2024 Flerie's NAV per share was SEK 32.37. The information in the table supplements the information presented in the corresponding table in the section ‘Business description – Flerie Invest's portfolio’ on page 38 of the company description published by InDex Pharmaceuticals on May 27, 2024.
| Allocation of net asset value | Share of portfolio company | Fair value (MSEK) | Part of NAV per share (SEK) | Share of NAV | |
| Product Development | |||||
| Prokarium | 42% | 470 | 4.17 | 12.9% | |
| Xspray Pharma | 17% | 426 | 3.79 | 11.7% | |
| Empros Pharma | 79% | 204 | 1.82 | 5.6% | |
| KAHR Medical | 31% | 199 | 1.77 | 5.5% | |
| Atrogi | 34% | 154 | 1.37 | 4.2% | |
| Microbiotica | 11% | 134 | 1.19 | 3.7% | |
| Lipum | 57% | 126 | 1.12 | 3.5% | |
| Mendus | 24% | 119 | 1.06 | 3.3% | |
| Geneos Therapeutics | 12% | 101 | 0.90 | 2.8% | |
| Toleranzia | 58% | 88 | 0.78 | 2.4% | |
| Xintela | 56% | 85 | 0.76 | 2.3% | |
| Egetis Therapeutics | 2% | 59 | 0.52 | 1.6% | |
| Vitara Biomedical | 5% | 56 | 0.50 | 1.5% | |
| Synerkine Pharma | 43% | 52 | 0.47 | 1.4% | |
| AnaCardio | 19% | 52 | 0.46 | 1.4% | |
| Buzzard Pharmaceuticals | 15% | 29 | 0.26 | 0.8% | |
| Sixera Pharma | 23% | 26 | 0.23 | 0.7% | |
| Alder Therapeutics | 21% | 17 | 0.15 | 0.5% | |
| Amarna Therapeutics | 60% | 12 | 0.10 | 0.3% | |
| Strike Pharma | 14% | 6 | 0.05 | 0.2% | |
| EpiEndo Pharmaceuticals | 10% | 0 | 0.00 | 0.0% | |
| Total | 2,414 | 21.45 | 66.2% | ||
| Commercial Growth | |||||
| NorthX Biologics | 92% | 189 | 1.68 | 5.2% | |
| Symcel | 31% | 169 | 1.50 | 4.6% | |
| Nanologica | 39% | 104 | 0.93 | 2.9% | |
| A3P Biomedical | 8% | 75 | 0.67 | 2.1 % | |
| Provell Pharmaceuticals* | 72% | 65 | 0.58 | 1.8% | |
| Chromafora | 34% | 53 | 0.47 | 1.4% | |
| Frontier Biosolutions | 2% | 19 | 0.17 | 0.5% | |
| Bohus Biotech | 45% | 17 | 0.15 | 0.5% | |
| Total | 691 | 6.14 | 19.0% | ||
| Limited Partnerships, total | 77 | 0.68 | 2.1% | ||
| Assets related to Portfolio companies | 372 | 3.31 | 10.2% | ||
| Other assets and liabilities | 90 | 0.80 | 2.5% | ||
| Net asset value | 3,644 | 32.37 | 100.0% | ||
| * indirect shares in Provell Pharmaceuticals |
For more information:
Jenny Sundqvist, CEO
Phone: +46 8 122 038 50
E-mail: jenny.sundqvist@indexpharma.com
Johan Giléus, CFO and deputy CEO
Phone: +46 8 122 038 50
E-mail: johan.gileus@indxpharma.com
Ted Fjällman, CEO of Flerie
E-mail: contact@flerie.com
Publication
This information is information that InDex Pharmaceuticals Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication through the agency of the contact person set out above at 08.55 CEST on June 4, 2024.
InDex Pharmaceuticals in brief
InDex Pharmaceuticals is based in Stockholm, Sweden. The Company’s shares (ticker INDEX) are traded on Nasdaq First North Growth Market Stockholm. Redeye AB is the Company’s Certified Adviser. For more information, please visit www.indexpharma.com.
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