The creation of a new niche specialty pharmaceutical company focused
on rare diseases - with strong
(Thomson Reuters ONE) - Biovitrum and Swedish Orphan will be combined forming Swedish OrphanBiovitrum with pro forma revenues 2009 of approximately SEK 2 billionand an EBITDA margin of 15 percent. Biovitrum will pay an upfrontconsideration of SEK 3.5 billion (on a cash and debt free basis), tobe financed by a fully guaranteed rights issue, an issue in kind andbank financing. The Transaction will be instantly accretive toearnings per share for Biovitrum's shareholders. Read the whole pressrelease at:http://www.biovitrum.com/templates/InformationPage.aspx?id=818Shared mission. Biovitrum AB (publ) ("Biovitrum") and Swedish OrphanInternational AB ("Swedish Orphan") will be combined forming SwedishOrphan Biovitrum ("SO-Bi") (the "Transaction"). Biovitrum and SwedishOrphan share the same mission and business philosophy of developingand making available orphan drugs and niche specialty pharmaceuticalsfor patients with rare diseases and patients with high unmet medicalneeds.Complementary capabilities. Swedish Orphan brings recognized andsuccessful business development capabilities, strong expertise indistribution, marketing, regulatory affairs, medical and customersupport, along with its pan-European presence. This is highlycomplementary to Biovitrum's strong product development expertise andmanufacturing skills. More specifically, Swedish Orphan brings twoproprietary orphan and niche specialty drugs as well as a diversein-licensing portfolio of approximately 50 orphan and niche specialtydrugs with significant growth potential to the combined group.Biovitrum contributes with its strong hemophilia franchise,manufacturing capability, several marketed niche specialty products,of which three are proprietary, as well as a late stage clinicaldevelopment pipeline within rare diseases.Strong platform for growth and profitability. The combination of thetwo companies is expected to be instantly accretive to earnings pershare for Biovitrum's shareholders. The combined group will generatesales from approximately 60 orphan/niche specialty products plus apipeline of two phase III and five phase II clinical productcandidates to drive future growth. The combination will allow the newgroup to realize annual operating cost synergies and cost avoidancein excess of SEK 100 million with full effect from 2011. In addition,Swedish Orphan's established European sales and marketinginfrastructure is expected to accelerate the growth of Biovitrum'scurrent products as well as future pipeline products. The pro formarevenues for 2009 are estimated to reach SEK 2 billion with an EBITDAmargin of about 15 per cent. The new group has a target to reachsales exceeding SEK 5 billion with an EBIT margin exceeding 30 percent in 2015, based on its current product portfolio and pipeline.Shareholder support. Shareholders in Biovitrum, including InvestorAB, representing 67 per cent of the capital and votes in Biovitrum inaggregate, have expressed their support for the Transaction and theindustrial logic in the combination. The major shareholders inBiovitrum, Investor AB and MPM Capital, will proposeDr Bo Jesper Hansen, CEO of Swedish Orphan, to become Executive ViceChairman in the new SO-Bi group. After the Transaction he will own 3per cent of the shares in SO-Bi. Martin Nicklasson, current CEO ofBiovitrum AB, will become CEO of SO-Bi."The two companies fit like a hand in a glove. By joining forces withSwedish Orphan, Biovitrum takes another important step in thetransformation set out in the strategy adopted two years ago. In onegiant leap, we form a company with a leading position within rarediseases and a solid platform for future growth and profitability,"says Biovitrum's CEO Martin Nicklasson."Swedish Orphan has undergone a tremendous development from abusiness primarily focused on the Nordic region to a broadpan-European business with both proprietary and in-licensed products.Along with Biovitrum's product portfolio and late stage pipeline, wecan further leverage Swedish Orphan's strong platform in a valuecreating manner while continuing both companies' commitment to raredisease patients and patients with unmet medical needs. This is atruly complimentary and winning combination," says Swedish Orphan'sCEO Bo Jesper Hansen.For more information please contact:Martin Nicklasson, CEO BiovitrumPhone: +46 70 540 71 73Dr Bo Jesper Hansen, CEO Swedish OrphanPhone: +46 8 412 98 00Göran Arvidson, CFO BiovitrumPhone: +46 70 633 30 42Erik Kinnman, EVP Investor Relations BiovitrumPhone: +46 73 422 15 40erik.kinnman(at)biovitrum.comAbout BiovitrumBiovitrum is an international pharmaceutical company that marketsspecialist pharmaceuticals in several regions. Using its expertiseand experience Biovitrum takes scientific innovation to patients withsignificant unmet medical need. Research expertise and capabilitiesare focused on development and production of biotechnologytherapeutics within our prioritized areas of hemophilia,inflammation/autoimmune diseases, cancer supportive care andmalabsorption. Biovitrum has revenues of approximately SEK 1.2billion and approximately 400 employees (prior to the Transaction).Biovitrum's head office is located in Sweden and the share is listedon the NASDAQ OMX Stockholm. For more information please visitwww.biovitrum.com.The above information has been made public in accordance with theSecurities Market Act and/or the Financial Instruments Trading Act.The information was published at 09:30 CET on November 5, 2009.http://hugin.info/134557/R/1352867/327538.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.11.2009 - 09:45 Uhr
Sprache: Deutsch
News-ID 7956
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