Navamedic announced on Thursday 5th of May that it has entered into a share purchase agreement with Agnvicen AB to acquire 100% of the shares in Impolin AB for a purchase price of SEK 50 mill on a debt and cash free basis. The acquisition strengthens Navamedic's position in the market for obesity treatment, enabling them to support patients and consumers during weight loss or obesity treatment.
Impolin AB is a Stockholm based company that specializes in products related to the pre- and post-treatment for bariatric surgery. Impolin’s portfolio includes Modifast, a range of diet and meal replacement products, and MedMade, a multivitamin and minerals tablet for post-bariatric surgery supplementation, which are products aimed at supporting patients during weight loss or obesity treatment, including bariatric surgery. Navamedic’s addition of Modifast and MedMade is set to broaden their current product offering within the area of obesity treatment, which enables the company to support patients throughout the entire weight loss journey.
“Our ambitions are bold, but by capitalizing on the strong transaction synergies, I am confident that we will successfully launch our expanded product range across the Nordic territory. Together with the Impolin team, we are planning to launch Modifast in Norway in 2023, followed by rollout in Finland and Denmark, and double product revenue by the end of 2028,” commented Kathrine Gamborg Andreassen, CEO of Navamedic.
“Navamedic has dedicated part of its product portfolio to treating obesity, making the company our preferred partner. With Navamedic’s position as a reliable supplier of high-quality products in the Nordics, we believe this agreement will accelerate access to our products for patients outside of Sweden. I look forward to collaborating closely with the team at Navamedic to contribute to improving the quality of life for people,” said Tony Brejke, Managing Director and owner of Impolin AB.
Navamedic will settle SEK 25 mill of the purchase price by way of issuing new shares to the seller through conversion of an account receivable to be issued by Navamedic to the seller at closing. The remaining portion of the purchase price will be settled in cash. In addition, the seller may be entitled to an additional consideration in the amount of SEK 5 mill if certain pre-agreed milestones for Impolin AB are satisfied by year-end 2022. The subscription price for the new shares shall be equal to the volume weighted average share price of the Company’s shares on the Oslo Stock Exchange during the period from 31 December 2021 to the closing date of the transaction. The consideration shares will be listed on the Oslo Stock Exchange and be subject to a lock-up period of 24 months from the closing date. The board of directors of Navamedic will issue the consideration shares pursuant to an authorization to issue new shares granted to it by the general meeting of the Company on 3 June 2021 or, if completion occurs after the expiry of such authorization, a new authorization to be approved by the Annual General Meeting of the Company.
The completion of the transaction is subject to Impolin AB amending one of its material agreements on terms and conditions satisfactory to Navamedic, in addition to certain customary conditions. It is expected that the transaction will be completed during Q2 2022.
