Vicore has announced its intention to acquire INIM Pharma AB, a private Swedish biotech company focused on severe rare lung diseases, through a share issue that will lead to INIM's majority shareholder and leading VC firm HealthCap becoming Vicore's largest shareholder. In connection with the acquisition, Vicore's Board of Directors proposes a SEK80m rights issue and the distribution of the majority of Vicore's shareholding in recently listed I-Tech to current shareholders ahead of the acquisition and rights issue. Both transactions require approval of an EGM to be held on 13 August 2018. The acquisition of INIM complements Vicore's lead asset C21 in Phase IIa for idiopathic fibrosis ("IPF") and brings on board a successful, well-known life science investor. We expect the SEK80m rights issue plus SEK20m net cash from INIM to extend Vicore's cash runway until at least H2/2019E. We maintain our OUTPERFORM recommendation and SEK43 target price.
03 Jul 2018
Acquisition of INIM brings HealthCap on board
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Acquisition of INIM brings HealthCap on board
Vicore Pharma Holding AB (6Y4:FRA) | 0 0 0.0%
- Published:
03 Jul 2018 -
Author:
Brigitte de Lima, PHD CFA -
Pages:
5
Vicore has announced its intention to acquire INIM Pharma AB, a private Swedish biotech company focused on severe rare lung diseases, through a share issue that will lead to INIM's majority shareholder and leading VC firm HealthCap becoming Vicore's largest shareholder. In connection with the acquisition, Vicore's Board of Directors proposes a SEK80m rights issue and the distribution of the majority of Vicore's shareholding in recently listed I-Tech to current shareholders ahead of the acquisition and rights issue. Both transactions require approval of an EGM to be held on 13 August 2018. The acquisition of INIM complements Vicore's lead asset C21 in Phase IIa for idiopathic fibrosis ("IPF") and brings on board a successful, well-known life science investor. We expect the SEK80m rights issue plus SEK20m net cash from INIM to extend Vicore's cash runway until at least H2/2019E. We maintain our OUTPERFORM recommendation and SEK43 target price.