Orexo divests subsidiary Kibion
Uppsala, Sweden – April 30, 2015 - Orexo AB today announced the divestment of the subsidiary Kibion AB that markets the products Heliprobe® System, Diabact® UBT and IRIS™ for the diagnosis of the gastric ulcer bacterium Helicobacter pylori using breath test technology.
The primary objective of the divestment has been to further strengthen the core focus on the continued development of the pharmaceutical business and on maximizing the commercial opportunity of Zubsolv®.
The transaction is not considered material for Orexo and its financial position. The Q2, 2015, cash-flow will be positively impacted by the transaction; however, EBIT will initially be slightly negatively impacted as not all of the compensation can be recognized as income in Q2.
The acquisition is made by a team of Swedish investors with a very solid background within diagnostics and gastroenterological diseases.
“The last two to three years, Kibion’s focus has been on cost containment and business optimization with the objective to make the company profitable. This has now been achieved and Kibion is ready to invest to accelerate the growth and create further value. With Orexo’s focus on the commercialization of Zubsolv this is a good time to change the ownership of Kibion, to ensure both businesses maintain focus on core value drivers”, said Nikolaj Sørensen, Chief Executive Officer of Orexo.
For further information, please contact:
Nikolaj Sørensen, President and CEO, Tel: +46 (0)703-50 78 88
Henrik Juuel, EVP and CFO, Tel: + 46 (0)722-20 94 77
Kibion is a diagnostic company and a world-leading supplier of breath tests and analytical instruments for diagnosing the stomach ulcer bacterium Helicobacter pylori. The products Heliprobe® System, Diabact® UBT and IRIS™ are sold in more than 60 countries with the Middle East and the EU being the largest markets. Kibion is headquartered in Uppsala, Sweden, with a subsidiary, Kibion GmbH, in Bremen, Germany. www.kibion.com
About the buyer
The acquirer is a team of Swedish investors and business developers with a solid background as owners and business leaders in the fields of diagnostics and treatment of gastroenterological diseases. The Board of Directors of Kibion AB will consist of Håkan Björklund (Astra, Nycomed, Coloplast, Lundbeck, Atos Medical), Torbjörn Koivisto (Moberg Pharma), Magnus Lundberg (Pharmacia, Chiron, Phadia, Onyx Pharmaceutical, ConvaTec, Atos Medical) and Anders Lundmark as Chairman (Phadia, Antrad Medical, Bioservo Technologies). Petter Bäckgren will remain President and CEO of the KIBION Group.
Orexo is a specialty pharmaceutical company commercializing its proprietary product Zubsolv® for maintenance treatment of opioid dependence in the US. Zubsolv® is an advanced formulation of buprenorphine and naloxone using Orexo’s unique knowledge and expertise in sublingual drug delivery. R&D is focusing on reformulation of known substances to new improved products that meet great unmet medical needs by using its patented proprietary technologies. Orexo’s share is listed on Nasdaq Stockholm Exchange Mid Cap (STO: ORX) and is available as ADRs on OTCQX (ORXOY) in the US. Orexo’s global headquarters and R&D are based in Uppsala, Sweden. www.orexo.com