Nordic pharmaceutical company Navamedic ASA has entered into an agreement to acquire the business of Norwegian addiction treatment specialist DNE Pharma for a total consideration of up to NOK 225 million (approximately $22 million), marking a significant strategic expansion into the addiction treatment sector.
The acquisition, announced on June 23, 2025, encompasses DNE Pharma's complete business operations, including its product portfolio, key employees, essential contracts, intellectual property, licenses, and distribution agreements. The purchase price structure includes NOK 185 million payable at closing, with the remaining NOK 40 million contingent on achieving certain agreed sales volumes for the acquired products.
Strategic Portfolio Addition
DNE Pharma's product portfolio includes several prominent addiction treatment medications that align with Navamedic's mission to deliver high-quality specialized products. The key products being acquired include:
- Ventizolve®: An intranasal naloxone spray for opioid overdose reversal
- Levopidon®: A levomethadone formulation for opioid substitution therapy
- Metadon Dne: A methadone product for opioid substitution therapy
"This acquisition gives us a strong strategic position in an important therapeutic area," said Kathrine Gamborg Andreassen, CEO of Navamedic. "Addiction treatment is a growing therapeutic area with significant impact on people's lives, and DNE Pharma's products align well with our mission to deliver high-quality products where they are most needed."
Financial Impact and Integration
In 2024, the DNE Pharma business generated net sales of NOK 62 million and is expected to be an important contributor toward Navamedic's NOK 1 billion revenue target. The acquisition is anticipated to be accretive to Navamedic's gross margins, aligned with the company's strategy of expanding its portfolio of proprietary products.
Upon integration into Navamedic's platform, the company expects to realize significant synergies and anticipates an EBITDA contribution of approximately NOK 25 million annually based on 2024 net sales, with expectations for growth alongside revenue increases.
The acquired business will be integrated into Navamedic's existing commercial platform, enabling rapid market access and geographic expansion across the Nordic region and selected European markets. The products fit well within Navamedic's existing geographical footprint, logistics, warehousing, and tender management capabilities.
Financing Structure
The acquisition will be financed through a combination of NOK 110 million in new debt from Nordea Bank Abp, filial i Norge, and a partially underwritten rights issue. Navamedic will also receive a bridge loan from Nordea to enable completion of the acquisition before the rights issue is completed.
The rights issue is designed to raise gross proceeds of between approximately NOK 110 million and NOK 130 million, with the minimum amount underwritten by Navamedic's largest shareholder, Kistefos AS. The subscription price has been set at NOK 21.50 per share, determined based on current market pricing.
Regulatory Timeline
Completion of the acquisition is conditional upon approval of the rights issue by an extraordinary general meeting scheduled for July 14, 2025, with the transaction expected to close on July 15, 2025. Certain existing shareholders, including Kistefos AS and members of the board and management, representing 27.32% of company shares, have committed to vote in favor of the rights issue.
Navamedic has retained DNB Carnegie and Nordea Corporate Finance as managers for the rights issue, with DNB Carnegie serving as financial advisor for the acquisition. The company has agreed to pay DNE Pharma NOK 5 million compensation if the acquisition is terminated due to lack of shareholder approval.
The acquisition represents Navamedic's continued expansion as a full-service provider of high-quality healthcare products to hospitals and pharmacies across the Nordic countries, the Baltics, and Benelux regions, with sales representation in Greece.
