#Norway #Oslo #Rights Issue #BerGenBio #Oncoinvent

BerGenBio ASA Announces Fully Underwritten Rights Issue and Merger Plans

On June 30, 2025, BerGenBio ASA, a clinical-stage biopharmaceutical company, made a significant announcement regarding a fully underwritten rights issue aimed at its existing shareholders. This strategic move is set to coincide with a proposed merger with Oncoinvent ASA, a company recognized for its innovative radiopharmaceutical therapies. The rights issuance is designed to raise approximately NOK 130 million and comes with preferential subscription rights for shareholders.

The rights issue will be subject to a series of approvals from shareholders at an extraordinary general meeting (EGM) scheduled for August 4, 2025. It is strategically positioned to occur following the anticipated merger, which is expected to be finalized around mid-September 2025. The rights issue itself is likely to commence in early to mid-October 2025, providing a seamless transition for shareholders.

Milestones and Use of Proceeds

The capital raised from this rights issue and the merger is intended to support the combined entity in achieving critical developmental milestones. Key highlights include:

• - Final Phase 1 Data: The completion of a final data read-out from a Phase 1 ovarian cancer trial, involving 10 patients, is anticipated in the latter half of 2025.
• - Phase 2 Recruitment Completion: Recruitment for a randomized controlled Phase 2 trial on peritoneal metastases from ovarian cancer is set to be completed with a target of 96 patients.
• - Interim Phase 2 Data: The interim data from the ongoing Phase 2 trials is expected to present useful insights nine months following patient follow-up in early to mid-2026.
• - Manufacturing Scale-Up for Radspherin®: The company aims to initiate an external manufacturing scale-up program for its lead product candidate, Radspherin®.

In addition to these key projects, the net proceeds from the rights issue will also be allotted for general corporate purposes, ensuring financial resilience into 2027.

Rights Issue Dynamics

Eligible shareholders as of the first trading day in the merged entity will be entitled to participate in the rights issue. Holders of subscription rights will proportionally receive new shares based on the number of existing shares they own. The subscription price will be determined based on market conditions shortly after the merger's completion.

The two-week subscription period that follows will allow for oversubscription, wherein investors who exceed their allocation can acquire additional shares. It is essential to note that all pertinent details will be laid out in a prospectus approved by the Norwegian Financial Supervisory Authority prior to the issuance.

ABG Sundal Collier ASA and DNB Carnegie have been designated as joint lead managers for this rights issue, highlighting the confidence placed in this initiative. Moreover, key shareholders and external financiers have committed a substantial portion of the necessary funds through underwriting agreements, ensuring that the entire NOK 130 million target is met.

Looking Ahead

As the company approaches the EGM and the subsequent finalization of these plans, close attention is warranted from investors looking to understand the transformative potential of the merger with Oncoinvent. By integrating their capacities and leveraging the unique value proposition that Radspherin® presents, the merger is anticipated to bolster the combined firm's position in the market for cancer treatments.

In summary, BerGenBio ASA's announcement marks a pivotal moment for both the company and its shareholders, illuminating the path toward innovative cancer therapies while fostering a robust financial foundation for future endeavors. Investors and stakeholders are encouraged to stay tuned for upcoming updates as the company moves forward with its ambitious plans.