OSLO, Norway, March 12, 2024 /PRNewswire/ — Ingerø Reiten Investment Company AS (“IRIC”) has today sold all of its shares in the Nordic pharmaceutical company Navamedic ASA. The shares were sold for 32 kroner per share, for total gross proceeds of approximately NOK 95 million, or about 2.7 times the amount invested. IRIC has been Navamedic’s principal owner and strategic partner since 2019. IRIC will use part of the proceeds to strengthen its balance sheet by paying off debt.
“For IRIC this was the right time to sell. Navamedic is a first-class company, but as a large, strategic investor, it is also important to know when to pass the baton to others. We are very pleased to hand over our Navamedic shares to new owners, and with the price we have achieved. The average weighted price during the past 30 day was NOK 37.5 per share,” said Terje Bakken, partner at IRIC and chairman of Navamedic.
The shares have been acquired by institutional and private investors, of which several are international investors with a particular interest for pharma.
“Navamedic has had an extraordinary development over the past few years. In 2023, revenues passed the NOK 500 million mark, nearly three times revenues in 2019. It has secured rights to a number of attractive products for sale in the Nordic region and Europe and is also looking at opportunities elsewhere in the world,” Bakken continued.
IRIC is controlled by Narve Reiten and a close associate to the chairman Terje Bakken and board member Narve Reiten in Navamedic ASA (“Navamedic”). The number of shares sold today was 2,965,618 shares, equaling approximately 17.1 percent of the share capital and votes in Navamedic, reducing IRIC’s holding of shares and votes to zero. IRIC has no other rights to shares in Navamedic.
This disclosure is made pursuant to article 19 of the EU Market Abuse Regulation and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.
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