Pharmaceutical company Sensidose mini tablets and dosing devices for individual and finely titrated medical treatment of Parkinson's disease, which are offered to patients when standard therapy has not yielded satisfactory results.
Treatment of the symptoms can be done with Sensidoses Flexilife, the world's first mini-tablet for the treatment of Parkinson's disease. The tablets contain a low dose of levodopa and carbidopa, which allows for fine-tuning of the dose according to each patient's individual needs.
Patients receive their Flexilev dose at specific times with Sensidose's proprietary and CE-marked dose dispenser MyFIDThe company is also developing a new dosing device, OraFID, with a planned launch in 2023.
Increased bids for Sensidose
In March, an offer came from the Norwegian pharmaceutical company Navamedic to acquire Sensidose for SEK 6,27 per share.Navamedic is based in Oslo and operates in both pharmaceuticals and medical technology. The company's CEO Kathrine Gamborg Andreassen commented on the offer by saying that they “are excited about the attractive market prospects for Sensidose's products”.
Last week, BioStock reported that the niche pharmaceutical company also EQL Pharma entered the bidding for Sensidose with a higher bid of SEK 7,60 per share.
Navamedic completes its offer
In response to EQL's bid, Navamedic in turn announced on April 23 that they completes the offer about the acquisition of Sensidose and that the company has bought up more than half of the shares in Sensidose, at the same time as Navamedic raises the bid to SEK 8 per share.
EQL counters and raises to SEK 8,40 per share
The next day, EQL countered with a new offer. The new offer is at SEK 8,40 per share. EQL's CEO, Axel Schörling, commented last week that an acquisition of Sensidose is a strategic decision which fits into the company's portfolio of niche medicines, which includes areas such as diabetes, vasodilation, as well as infections and allergies.
In addition, EQL has published an offering document highlighting the potential of Sensidose's products:
EQL Pharma's management and owners are impressed by Sensidose's progress in product development and see significant market potential for Sensidose products.
Statement from Sensidose's board of directors
Following the latest rounds, Sensidose's board commented on the two revised offers. The board's assessment is that EQL's offer of SEK 8,40 per share is more financially attractive than Navamedic's offer of SEK 8 per share. Therefore, Sensidose recommends its shareholders to accept EQL's latest offer.
However, the chairman of the board has Per Nilsson and board member, also founder, Sten-Magnus Magnus have already reached an agreement with Navamedic to sell their shares to the company for SEK 8 per share. For this reason, they have not participated in the board's handling of issues regarding the revised offers.
Both counterparties are expanding their offerings
In response to EQL Pharma's revised offer, Navamedic expanded its offer on April 25 to include Sensidose's TO 1 warrants at a price of SEK 0,38 in cash per warrant.
Navamedic has also decided to extend the acceptance period until May 15, 2023 for the revised offer..
Sensidose's TO1 warrants entitle to subscribe for shares during the period from June 1, 2023 to and including June 15, 2023, at a subscription price of SEK 9,00 per share. The TO1 warrants are trading as of April 26 for approximately SEK 0,61 per share. Spotlight Stock Market.
EQL Pharma responded on April 26th by offering 0,50 SEK for the same warrants, an increase of 32 percent compared to Navamedic's offer above.
Who will control Sensidose?
At the time of going to press, the latest news is that Navamedic has increased the consideration for the warrants to 0,60 DKKThe total value of the warrant offering amounts to approximately SEK 1,36 million.
Whether EQL will respond to Navamedic's latest offer remains to be seen. Sensidose published a statement on the morning of April 27, summarizing the expanded offerings and providing the board's recommendation:
"Because the warrants, at the time of this statement, are trading at a higher price in the market than Navamedic and EQL Pharma are offering in their respective TO offers, the board of directors chooses not to recommend any of the TO offers. Instead, the warrant holders are advised to act on what is considered to be the most advantageous from a financial perspective at any given time."
BioStock continues to follow the exciting bidding and which company will gain control of Sensidose.
