Oncoinvent (ONCIN) M&A Announcement summary

Deal rationale and strategic fit

• Merger creates a well-funded innovator in radiopharmaceutical cancer therapies, leveraging capital and listing to advance clinical strategy for peritoneal carcinomatosis treatments.

• Strategic review identified the merger as the best option for shareholders, offering attractive valuation and access to high-quality investors after discontinuing a key study.

• The combined entity will focus on a high unmet need in peritoneal metastases, with limited competition and significant market opportunity.

• Combined entity will advance radiopharmaceutical technology with promising early efficacy and safety data.

• Merger supported by both Boards and key shareholders, including Hadean Ventures, Linc, and Meteva.

Financial terms and conditions

• All-share transaction: BerGenBio and Oncoinvent shareholders receive 25% and 75% of the combined company, respectively, with 1.20268049 BerGenBio shares per Oncoinvent share.

• BerGenBio valued at NOK 65 million (19% premium to last close), Oncoinvent at NOK 195.5 million (8% premium to last close).

• Fully underwritten rights issue of NOK 130 million to be launched post-merger, providing a total of NOK 175 million in new funding.

• Merger structured as a statutory merger with all Oncoinvent assets/liabilities transferred to a BerGenBio subsidiary.

• Rights issue is conditional on merger completion, expected mid-September 2025.

Synergies and expected cost savings

• Merger provides cash runway into 2027, supporting advancement through key clinical milestones.

• Enhanced ability to execute clinical strategy and reach significant value inflection points.

• Merger adds NOK 45 million in cash to fund clinical development and broadens the shareholder base, improving share liquidity.