BerGenBio Announces Merger with Oncoinvent to Form Radiopharmaceutical Leader
Deal News | Jun 30, 2025 | PR Newswire Cision Oncoinvent AS
BerGenBio ASA, a biotechnology company listed on the Oslo Stock Exchange, has announced a merger with Oncoinvent ASA, a clinical-stage biotech firm focused on radiopharmaceutical therapies. The merger agreement stipulates that BerGenBio will be the acquiring entity, with an exchange ratio of 25% for BerGenBio shareholders and 75% for Oncoinvent shareholders. The merger aims to leverage BerGenBio's capital and listing to bolster Oncoinvent's clinical strategy, particularly its work on treatments for peritoneal carcinomatosis. A fully underwritten rights issue worth NOK 130 million will provide the merged company with financial runway until 2027. The merger is supported by leading shareholders from both companies and subject to regulatory and shareholder approvals. The collaboration follows BerGenBio's strategic review to optimize shareholder value after the discontinuation of its BGBC016 study.
Sectors
- Biotechnology
- Pharmaceuticals
- Financial Services
Geography
- Norway – Both BerGenBio and Oncoinvent are Norwegian companies, and the merger will result in business activities focused in and around Norway, with listings on the Euronext Oslo.
- Europe – Oncoinvent is conducting clinical trials in the US, UK, and Europe, indicating broader geographical operations beyond Norway.
Industry
- Biotechnology – The article discusses a merger involving Oncoinvent ASA and BerGenBio ASA, both of which are companies engaged in biotechnology, developing therapies and drugs targeting cancer.
- Pharmaceuticals – Oncoinvent focuses on radiopharmaceuticals for cancer treatment, specifically leveraging radionuclide technology in its product pipeline.
- Financial Services – DNB Carnegie is providing financial advisory services for the merger, highlighting the involvement of financial institutions in supporting the transaction.
Financials
- NOK 65 million – Valuation of BerGenBio prior to the merger.
- NOK 195.5 million – Valuation of Oncoinvent for the merger.
- NOK 130 million – Fully underwritten rights issue amount post-merger.
- NOK 45 million – Cash addition to fund Oncoinvent's clinical development plan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BerGenBio ASA | Acquiring Company | Companies | A biotechnology company focused on developing drugs targeting aggressive and resistant cancers. |
| Oncoinvent ASA | Target Company | Companies | A clinical-stage biotech company specializing in radiopharmaceutical therapies for cancer treatment. |
| Meteva AS | Shareholder | Companies | Largest shareholder in BerGenBio supporting the merger agreement. |
| Hadean Ventures | Shareholder | Companies | Largest shareholder in Oncoinvent supporting the merger agreement. |
| DNB Carnegie | Financial Advisor | Companies | Providing financial advisory services to BerGenBio. |
| Advokatfirmaet Thommessen | Legal Advisor | Companies | Acting as legal advisor to BerGenBio for the merger. |
| ABG Sundal Collier | Financial Advisor | Companies | Providing financial advisory services to Oncoinvent. |
| Advokatfirmaet Schjødt AS | Legal Advisor | Companies | Acting as legal advisor to Oncoinvent for the merger. |
| Øystein Soug | CEO | People | Current CEO of Oncoinvent, will become CEO of the merged company. |
| Anders Tullgren | Chair of the Board | People | Chair of the Board for BerGenBio, involved in the merger process. |