SynAct Pharma makes changes in management
| Published April 3, 2023

SynAct Pharma makes changes in management

Biotech company SynAct Pharma is presenting important clinical data in 2023 and recently expanded its portfolio with the acquisition of TXP Pharma. The company is now implementing changes in the management team to focus more on business development. Current Chairman of the Board Torbjørn Bjerke will take over as CEO from Jeppe Øvlesen. Synact also proposes changes to the board with current member Uli Hacksell as the new Chairman and Thomas von Koch as a member of the board.

Image: From left: Thomas Jonassen, CSO, Jeppe Øvlesen, outgoing CEO, Torbjørn Bjerke, new CEO, SynAct Pharma

SynAct Pharma is a biotechnology company focused on research and development in inflammatory and autoimmune diseases, with rheumatoid arthritis (RA) as its main focus. The company's R&D is based on the ability to stimulate the melanocortin system to induce immunomodulatory effects and inflammatory resolution, i.e. a recovery to immunological homeostasis - a state of equilibrium - in inflammatory and autoimmune diseases. Read more.

SynAct Pharma reported significant progress in its pipeline with the lead compound resomelagon (AP1189) in 2022 and has recently expanded its portfolio with the acquisition of TXP Pharma.

The company has several ongoing Phase II studies and expects to present the next study data in the second half of 2023. As the projects progress and new clinical data is on its way SynAct intends to focus more on its business development.

Torbjørn Bjerke new CEO

As a result of the company's new focus announced SynAct on April 3 that the current chairman of the board Torbjorn Bjerke appointed as new CEO. The change will take effect from the Annual General Meeting to be held on May 25, 2023. Dr. Bjerke has been Chairman of the Board of SynAct Pharma since 2016.

Dr. Bjerke has a broad background in life science, including as co-founder of Action Pharma, TXP Pharma and Carelight LtdHe has also had several leading positions such as President and CEO of Karolinska Development, Orexo, Biolipox, Arctic Aurora LifeScience and head of pharmacology at AstraZeneca and Executive Vice President R&D at ALK-AbelloHe is currently a partner and portfolio manager at Arctic Asset Management, chairman of Carelight, Arctic Aurora LifeScience, Biotech Select and Biothea Inc..

Chairman of the Board comments

Uli Hacksell, the proposed new chairman of the board, commented CEO change in the press release.

“We are pleased to welcome Torbjørn as the new CEO of SynAct. SynAct Pharma is in a transformation phase with the next important clinical data in the second half of this year. Having served as Chairman of the Board since 2016, Torbjörn is already well-versed in SynAct’s operations. In addition, he has extensive knowledge of developing successful new medicines, a fantastic global network of both investors and pharmaceutical companies, and extensive, documented experience in business development and doing business,” says Uli Hacksell, proposed new Chairman of the Board.” – Uli Hacksell, proposed new Chairman of the Board, Synact pharma

Outgoing CEO comments

Dr. Bjerke succeeds Jeppe Øvlesen, who has been instrumental in building SynAct from a small privately held company to a Nasdaq-listed company over 9 years. Øvlesen commented on his departure with:

– The last nine years have been an incredible journey for me as an entrepreneur, and I could not be more proud of what we have achieved as I now hand over the baton to Torbjørn. I have worked with Torbjørn for 23 years and I am convinced that his strategic leadership, deep knowledge of biotechnology and ability to establish valuable partnerships make him the right next CEO for SynAct and thereby create value for all stakeholders, including both patients and shareholders. I will remain a committed and long-term shareholder. – Jeppe Øvlesen, outgoing CEO, SynAct.

Changes in the board of directors

As Bjerke steps down as chairman, SynAct proposes to the annual general meeting that the current board member Uli Hacksell takes his place.

Hacksell has experience from academia as a professor of organic chemistry at Uppsala University and has held senior positions in large pharmaceutical and biotechnology companies as CEO of ACADIA Pharmaceuticals and leading positions at Astra.

He is currently the Chairman of the Board of Medivir and Annex and board member of InDex Pharmaceuticalsand Active Biotech.

The Nomination Committee also proposes that Thomas von Koch, who invested closer
SEK 80 million i SynAct in 2022, will take Hacksell's place on the board. He is the current chairman of the board of Bactiguard, a company he co-founded, and he has financial and leadership experience from Investor and is co-founder and former CEO of EQT.