Today marks the end of an era for Abliva on Nasdaq Stockholm. Based on an application from the company's board, the share is being delisted and today, March 17, 2025, will be the last day of trading in Abliva's share. This is a natural consequence of the takeover offer submitted by Pharming Technologies at the end of last year and the subsequent process that led to full control of the company.
Abliva has long focused on developing treatments for mitochondrial diseases. The most advanced candidate, KL1333, is currently in Phase II development in the potentially pivotal FALCON study. The drug candidate targets patients suffering from severe fatigue and muscle weakness, which has a profound impact on their quality of life.
Pharming's takeover offer
In December 2024, Pharming Technologies, a wholly owned subsidiary of Pharming Group, a cash offer of SEK 0,45 per share for the shares in Abliva, valuing the company at SEK 725 million. The premium amounted to 227 percent compared to the closing price of the share on December 13.
Full control of Abliva shares
In the following months, Pharming's ownership stake in Abliva steadily increased. On February 10, 2025, the company controlled 87,7 percent of the shares, and an extended acceptance period gave minority shareholders additional time to make up their minds. Despite the board's recommendation to accept the bid, some chose to wait, likely hoping for a better offer.
Pharming was, however, determined to complete the deal. After further acquisitions, the company had reached a 92,7 percent stake by early March – a level that made it possible to push through a compulsory redemption of the remaining shares. At the same time, the company applied for delisting from the Nasdaq Stockholm, which has now been approved.
What happens next?
With today's trading halt, Abliva is formally delisting from the stock exchange. For shareholders who have not already sold their holdings, the compulsory redemption process will be completed and they will receive their compensation in line with the offer from Pharming.
Beyond the financial transactions, a new horizon awaits Abliva. As part of Pharming Group, the company now has the opportunity to further develop its drug candidates without the financial and regulatory requirements of a listed environment. The company becomes part of a larger, and financially stronger, group, with new opportunities to scale up research and reach the market faster by combining its own cutting-edge expertise in mitochondrial diseases with Pharming's global resources. Regardless of the end of the listing, this marks the beginning of a new development journey for Abliva in its quest to improve the lives of patients suffering from severe energy metabolic diseases.