Navamedic ASA completed the acquisition of marketing authorisations for antibiotics in the Nordics
Oslo, 4 August 2020 – Navamedic ASA (“Navamedic”, OSE: NAVA), today announces it has completed the transaction with ACS Dobfar and InfoRLife for the acquisition of marketing authorisations for a series of antibiotics for hospital use in the Nordic region. Navamedic acquires the marketing authorisations for a total consideration of up to NOK 38 million.
Reference is made to Navamedic’s announcement on 7 February 2020 about the acquisition of a series of antibiotics for hospital use in the Nordic region from ACS Dobfar and its subsidiary InfoRLife. The transaction is now completed, representing an important step in Navamedic’s growth strategy.
“Navamedic is committed to increasing ownership to assets such as marketing authorisations, and we are pleased to announce the completion of this transaction and the beginning of a close collaboration with a solid European supplier. Antibiotics is an important therapeutic area close to our core competence. The acquisition is strengthening Navamedic’s hospital offering with important products and also positioning the company for the addition of more prescription drugs as we will build systems relevant for a broader product range,” says Kathrine Gamborg Andreassen, CEO of Navamedic.
The transaction is made with ACS Dobfar S.p.a, an Italian chemical-pharmaceutical company, and its Swiss subsidiary InfoRLife SA, a pharmaceutical company developing, registrering and producing ready-to-use medicines. Navamedic acquires the marketing authorisations for a total consideration of up to NOK 38 million in two tranches. The first tranche of NOK 19 million shall be settled by issuance of 1,053,775 number of consideration shares in Navamedic at an agreed subscription price of NOK 18.0304 per share. The subscription price corresponds to the volume weighted average trading price of the Navamedic shares from 24 January to 6 February 2020, being the 10 last trading days prior to, but not including, Navamedic's stock exchange announcement published on 7 February 2020. The board of directors of Navamedic will issue the consideration shares as soon as possible following Navamedic becoming registered as the holder of the material marketing authorisations with the relevant governmental bodies in the Nordics, which is expected to be completed no later than 31 December 2020, pursuant to the authorization given to it by the extraordinary general meeting of the company held on 11 March 2020. The second tranche of up to NOK 19 million in cash or Navamedic shares upon fulfilment of certain sales volume milestones for the acquired product portfolio, to be settled no later than 31 January 2024 or 2026.
The antibiotics in the portfolio are designed to be given intravenously to patients and are currently in regular use in hospitals in all the Nordic countries with an annual tender-based turnover of approximately NOK 25 million. As part of the acquisition agreement, the parties have agreed to also enter into a long-term supply and service agreement including launch of new products in the future – potentially also outside the Nordic territory.
“Drug shortage is an important issue in the Nordics. By combining Navamedic’s local expertise with products from a reliable European manufacturer, the transaction is also important to secure steady supply of key products to Nordic hospitals. We are looking forward to a close and long-term collaboration with ACS Dobfar and InfoRLife,” says Gamborg Andreassen.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 680
Lars Hjarrand, CFO, Navamedic
Mobile: +47 917 62 842
Navamedic ASA is a full-service provider of high-quality healthcare products to hospitals and pharmacies. Navamedic meets the specific medical needs of patients and consumers by leveraging its highly scalable market access platform, leading category competence and local knowledge. Navamedic is present in all the Nordic countries, the Baltics and Benelux, with sales representation in the UK and Greece. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA). For more information, please visit www.navamedic.com
About ACS Dobfar
ACS Dobfar is an Italian, privately held, chemical-pharmaceutical company with headquarters located outside Milano. In continuous growth, the company is currently employing more than 3000 people at 23 different facilities in four continents. Established in 1973, the company is today a fully-integrated provider of high-quality pharmaceutical intermediates, active pharmaceutical ingredients (APIs) and finished dosage forms (oral and injectables) and is a global leader in the antibiotic classes called cephalosporins and carbapenems. ACS Dobfar products are sold in over 100 countries around the world.
Being a subsidiary of ACS Dobfar, InfoRLife is a pharmaceutical company developing, registering and producing ready-to-use medicines with main facility in Brusio, Switzerland. The company also controls three subsidiaries located in Romania, Tunisia and Brazil. InfoRLife is specialized in the manufacture of medicines in plastic bags using sterile methods and technology with high-quality content and develops all its new products in its own R&D laboratories. The company is approved by the USA Food and Drug Administration (FDA) for sales in the USA, which is its main market.