The Merger Plan has now been approved by the extraordinary general meeting of Oncoinvent, and as a consequence, the decision to approve the merger will now be filed with the Norwegian Register of Business Enterprises.

“We are very excited for the time ahead and to continue the execution of our focused strategy to develop Radspherin in ovarian cancer. We are on track with our randomized phase 2 trial. Going forward with a strengthened balance sheet, we believe the company will be a transformative force in the radiopharmaceutical therapy field, improving the lives of patients with cancer in the peritoneal cavity,” says Øystein Soug, CEO of Oncoinvent and forthcoming CEO of the merged company.

The merger values Oncoinvent at NOK 195.5 million.

The exchange ratio in the merger will be 25% to BerGenBio and 75% to Oncoinvent corresponding to 1.20268049 shares in BerGenBio per share in Oncoinvent and values BerGenBio prior to the merger at NOK 65 million. The merger values Oncoinvent at NOK 195.5 million. The merger will add approximately NOK 45 million in cash to fund Oncoinvent’s clinical development plan.

Discontinue the BGBC016 study

The agreement follows from the strategic review that BerGenBio has conducted, in cooperation with DNB Carnegie, to optimize shareholder value following its decision to discontinue the BGBC016 study.

“This merger, which is backed by the boards of both companies, is the result of an extensive review that explored a range of strategic options for BerGenBio. The merger gives BerGenBio shareholders a part of an exciting company leveraging Norwegian radiopharmaceutical technology, which has already seen encouraging preliminary efficacy data, without safety concerns. We are confident that this is the best option for current BerGenBio shareholders,” says Anders Tullgren, chair of the board of BerGenBio.

The merger puts BerGenBio’s capital and listing to productive use by strengthening Oncoinvent’s ability to execute on its clinical strategy and advance treatments for patients with cancer in the abdominal cavity (peritoneal carcinomatosis), describes the two companies.

The merged company will also carry out a fully underwritten rights issue of NOK 130 million. The proceeds from the rights issue is expected to provide the merged company with a cash runway into 2027, beyond the interim readout from Oncoinvent’s ongoing Phase 2 trial in ovarian cancer, expected H2 2026, they state.