Nordic Life Science 1
TOP STORIES FINANCING ULTIMOVACS ENTERS THE OSLO
STOCK EXCHANGE Christoffer Lorenzen, CEO, Karo Pharma The Norwegian cancer vaccine company has raised NOK 370 million and entered the Oslo Stock Exchange on June 3rd 2019. BUSINESS DEAL KARO PHARMA ACQUIRES TRIMB THE COMPANY HAS ACQUIRED ALL THE SHARES OF TRIMB HOLDING AB FROM AVISTA CAPITAL PARTNERS AND OTHER SHAREHOLDERS FOR SEK 3,400 MILLION. HE TRANSACTION IS expected to contribute positively to Karo Pharma’s market position and create a strong platform for Karo Pharma’s continued growth. The combined company had annual sales of approximately SEK 2,640 million for 2018. “Trimb is a distinguished company within over-the-counter pharmaceuticals and consumer healthcare products. Over the past years, the company has successfully built a Nordic business and a growing presence in Northern Europe. Trimb complements Karo Pharma well, both in terms of geographical presence, distribution channels and product offering. I look forward to continuing this journey in a combined company,” comments Christoffer Lorenzen who took over as Karo Pharma’s new CEO 1 July 2019. ARO PHARMA ESTIMATES that the transaction will bring synergy potential for the company in the form of both sales and cost synergies. The company has an ambition to achieve annual synergies of SEK 50 million in 2021 when fully realized. Achieving these synergies implies estimated integration costs of approximately SEK 30–40 million in total, which will be taken during the period 2019 and 2020. SEVERAL INTERESTED PARTIES have now become shareholders in the company, totaling approximately 1500 shareholders. NOBEL LAUREATE JAMES ALLISON JOINS LYTIX BIOPHARMA’S SCIENTIFIC ADVISORY BOARD THE COMPANY ANNOUNCES the addition of Nobel Laureate Dr James Allison and Oncologist Dr Padmanee Sharma from the MD Anderson Cancer Center to its SAB and as Company Strategic Advisors. Dr James (Jim) Allison (PhD) is Regental Professor and Chair of Immunology and Executive Director of Immunotherapy at the MD Anderson Cancer Clinic, University of Texas. He is also a director of the Cancer Research Institute scientific advisory council. His research elucidated the mechanism behind T cell activation and pioneered the first immune checkpoint blocker drug for the treatment of cancer. His work has radically transformed the landscape for cancer treatment, shifting it away from targeting a tumour to instead using the immune system to destroy cancer cells. His current research is focused on improving the utility of checkpoint blockade and identifying new targets to unleash the immune system to eradicate cancer. “It is good for the Norwegian health industry and for Ultimovacs when national and international investors show the company this kind of trust. In today’s uncertain market, it is especially nice with such a large interest, from both international investors and small savers. I look forward to following the company further,” says Jonas Einarsson, Chairman of the Board in Ultimovacs and Managing Director in Radforsk. The funds that Ultimovacs has raised will go to financing the development of their universal cancer vaccine, UV1. A large clinical study will document the effect of the vaccine. UV1 will be combined with other immunotherapies in patients with malignant melanoma (a type of skin cancer) at around 30 hospitals in Norway, Europe, USA and Australia. Ultimovacs has already run two successful clinical trials of the vaccine on patients with lung cancer, prostate cancer and malignant melanoma. “I am very happy that we now have entered the Oslo Stock Exchange. It means that the practical conditions are in place to put our development program into action,” says Øyvind Kongstun Arnesen, CEO of Ultimovacs. NORDICLIFESCIENCE.ORG 11 PHOTO JENNY ÖHMAN