Pharmaceutical company Sensidose has developed Flexilife – the world's first microtablet for individual, finely titrated treatment of Parkinson's disease – which is offered to patients when standard therapy has not yielded satisfactory results. With the help of the company's dosing device MyFID It is possible to adjust the total dose in stages, according to each patient's individual needs. Read more.
Takeover offer
On March 29, the Norwegian pharmaceutical company left Navamedic a public takeover bid in Sensidose. The offer briefly means that Navamedic acquires all shares in Sensidose at SEK 6,27 per share. The cash offer values Sensidose at approximately SEK 75 million and represents a premium of 48 percent compared to the closing price of the Sensidose share on March 17, 2023.
The board of directors of Sensidose recommends that shareholders accept the offer. To date, the company has received acceptances corresponding to 46,27 percent of the shares and votes. The board's recommendation is supported by an independent fairness opinion from Eminova Partners Corporate FinanceRead more about the offer here.
The acceptance period begins on March 30, 2023 and ends on or about April 21, 2023. Payment of consideration is expected to begin on or about April 28, 2023.
Navamedic comments
Navamedic is a life science company operating in both pharmaceuticals and medical technology. The company has operations in the Nordic countries, the Baltics and Benelux, but is also represented in the UK and Greece. The head office is in Oslo and the share is listed on the Oslo Stock Exchange.
CEO of Navamedic Kathrine Gamborg Andreassen commented on the takeover bid for Sensidose in a press release:
"Navamedic is impressed by the product development and sales efforts made by Sensidose to date, and is enthusiastic about the attractive market prospects for Sensidose's products, which can be expanded and accelerated with Navamedic as the owner. Sensidose has a strong foundation, but it will require significant resources to succeed internationally. Together, the companies will be able to further develop and launch Sensidose's products throughout the Nordic region, Europe and even globally."
Sensidose's focus on market expansion
The news of the takeover offer comes at a time when Sensidose is in a growth phase with a focus on continued market expansion. The company reported a 10,9% increase in sales in 2022 according to its year-end report. In February 2023, the company also announced that Flexilev had been granted a subsidy in Finland. Read more about it in BioStock's interview with the CEO Jack Spira here.
The company has also communicated a goal to reach out more widely internationally with the treatment. Parkinson's disease is the second most common of the so-called neurodegenerative diseases, after Alzheimer's, and the global need for alternative treatment methods is great. Read more.
Sensidose's share rises by 40 percent
Sensidose is listed on Spotlight Stock Market where the stock was halted from March 17. When the halt was lifted and news of the bid was released, the stock rose close to the bid price, representing an increase of approximately 46 percent.
