The Norwegian company has submitted a cash offer to acquire all shares in Swedish Sensidose for approximately 75 million SEK.
The offer is recommended by the independent bid committee of Sensidose. The Sensidose shares are currently listed on Spotlight Stock Market in Sweden.
“This potential transaction is an excellent example of Navamedic’s proactive approach to M&A. It also represents an opportunity for Navamedic to broaden its product portfolio and to support patients suffering from medical conditions, such as Parkinson’s. We are confident that the potential addition of Sensidose’s products will significantly strengthen our overall product offering and quickly become value generating upon launch,” says Kathrine Gamborg Andreassen, CEO, Navamedic.
Sensidose sells drugs in combination with an innovative device for individual dosing, targeting patients with advanced Parkinson’s disease. The company has conducted sales in Sweden since the end of 2016 and in Norway and Denmark since 2018. The company’s products have received market approval in eight additional countries and has initiated dialogues for geographic expansion. Currently, approximately 270 patients are being treated with Sensidose’s medicine, and total revenues in 2022 amounted to 7.9 million SEK.
Navamedic states in a press release that they have been impressed by the recent product development and sales efforts made by Sensidose in recent years and is excited by the attractive market prospects for Sensidose’s products, which can seamlessly become part of Navamedic’s existing marketing and distribution channels. Together, the two companies will be able to further develop and launch Sensidose’s products in the Nordics, Europe, and globally, the company states. Additionally, Navamedic has a sales force with experience in neurology and general practitioners as well as a well-established patient support program.
About the offer
The total value of the offer, and thus the value of Sensidose, based on the 11,958,651 outstanding shares in Sensidose amounts to approximately SEK 75 million. The board of directors of Sensidose has evaluated the offer and unanimously recommends Sensidose’s shareholders to accept it. Shareholders who together hold approximately 46.37 percent of the shares and votes in Sensidose, have on certain conditions committed to accept the offer.
The acceptance period for the offer will commence on 30 March 2023 and end on or about 21 April 2023 (subject to extension). Settlement is expected to commence on or about 28 April 2023.
Photo of Kathrine Gamborg Andreassen, CEO, Navamedic (left)