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Vistin Pharma ASA (0RAM)

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Monday 02 October, 2017

Vistin Pharma ASA

Vistin Pharma ASA : Sale of Opioids and CMO business completed

Vistin Pharma ASA : Sale of Opioids and CMO business completed

Oslo, Norway, 2 October 2017

Norwegian pharmaceutical company Vistin Pharma ASA ("Vistin Pharma") announced today that the Company has successfully completed the sale of its opioids and tablet manufacturing business (CMO) to TPI Enterprises Limited ("TPI"). Reference is made to the stock exchange announcements on 11 July and 13 July.

TPI has paid a provisional cash consideration of NOK 159.5 million, which will be adjusted for changes in inventory between the time of signing the sales and purchase agreement and the completion date. The transaction is expected to have a positive net cash effect of NOK 140 - 150 million, before any transaction costs.

Following the sale, Vistin Pharma is a pure play metformin producer, with a strong position in the global metformin market and with significant growth ambitions. Metformin is used as the 1st line treatment of diabetes 2, a disease which is expected to grow by 50% towards 2030, and affect more than 500 million people. The global market for metformin is expected to grow by four to five percent per annum and Vistin Pharma is attractively positioned to capture part of this growth.

For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80
[email protected]

Gunnar Manum
CFO
+47 95 17 91 90
[email protected]

 
 
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vistin Pharma ASA via Globenewswire


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