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At the end of March, Navamedic submitted the first bid for Sensidose, a company developing drug dosing for Parkinson’s disease. On 20 April, EQL Pharma entered the game with an increased bid, and since then, the bidding has been conducted in several rounds in public.
In the meantime, Sensidose’s board has concluded that either bidder would be a good company owner and the board’s advice to shareholders was to choose the “more attractive bid from a financial perspective”.
On 10 May, Navamedic made the latest offer of SEK 8.50 per share in Sensidose, which is more than 35% above the initial offer.
In a press release, EQL’s board of directors writes that “the valuation of Sensidose has exceeded the level that the board considers justified to submit further competing bids”. The shareholding of approximately 13.2% that the company has obtained will now be sold.
“Our Board of Directors continuously evaluates various acquisition opportunities, and at present, we have more interesting opportunities than remaining as a minority shareholder in Sensidose,” says Axel Schörling, CEO of EQL Pharma, in the press release.
Navamedic is a Norwegian public limited company based in Oslo, and the company’s shares are listed on the Oslo Stock Exchange.
Sensidose was founded in Uppsala in 1998 and moved to Sollentuna in 2014. The company’s shares have been traded on Spotlight Stock Market since April last year.