Strax efter att bolaget fått grönt ljus från danska läkemedelsmyndigheten att inleda fas I/II COAK-studien i aktinisk keratos avslöjar det nordiska bioteknikbolaget Coegin Pharma nya planer för tillväxt och expansion genom en sammanslagning med det svenska bioteknikbolaget Follicum. BioStock talade med Coegins vd Tore Duvold för att få veta mer om detaljerna kring fusionen och vad detta innebär för bolaget på sikt.

Coegin Pharmas ambition som biofarmabolag är att fokusera på att utveckla nya behandlingar för cancer, inklusive det pre-cancerösa tillståndet aktinisk keratos (AK). Bolaget meddelade nyligen att man fått godkännande att inleda fas I/II-studien Copenhagen Actinic Keratosis (COAK) i syfte att utvärdera säkerheten och effekten av bolagets läkemedelskandidat AVX001, som tidigare har visat effekt hos psoriasispatienter.

Läs mer om COAK-studien här.

Fusion med Follicum

Bolagets läkemedelskandidat bygger på årtionden av forskning ägnad åt att motverka de inflammatoriska processer som inte bara ses icancer, utan också kroniska njur- och leversjukdomar i samband med diabetes. Faktum är att bolaget också har pågående projekt inom dessa indikationer särskilt inom njurfibros.

I går tillkännagav Coegin planer på tillväxt och expansion genom en sammanslagning med Lundabaserade bioteknikbolaget Follicum. Follicum har ett läkemedelsutvecklingsprojekt mot håravfall och ett prekliniskt projekt som syftar till att ta fram en behandling av diabeteskomplikationer. En av de allvarligaste komplikationerna vid diabetes är just fibros i levern och njurarna, vilket gör att projektet passar väl in i Coegins terapeutiska vision.

»This merger complements the vision of Coegin. We will continue our dedicated focus on AK and are excited about starting the COAK-study soon. Likewise, as previously announced, we are continuing our efforts to establish separate companies focusing on systemic cancer treatment (leukemias) and on kidney disease, respectively. With the merger with Follicum we will be able to create an even stronger separate company, focusing on diabetes complications of the liver and kidneys.« — Tore Duvold, CEO Coegin Pharma

Coegin ser sammanslagningen som en möjlighet för båda bolagen, särskilt med tanke på att Follicum har en lång historia av forskning från Lunds Universitet och har ett nära samarbete med LUDC (Lund University Diabetes Center) och flera partners som är kopplade till Follicums projekt inom diabeteskomplikationer.

Fusionen förutsätter godkännande vid en extra bolagsstämma i Follicum som kommer att hållas den femte november. Aktieägare som representerar cirka 28,6 procent av rösterna i Follicum har redan åtagit sig att rösta för fusionen.

Q&A med Coegins vd

BioStock kontaktade Coegins vd Tore Duvold för att få veta mer om detaljerna och de övergripande fördelarna med fusionen med Follicum.

Tore Duvold, what inspired this merger with Follicum? 

– Follicum has a very solid scientific platform, interesting projects and key competencies which fit well with our portfolio and growth ambitions. We saw that our capabilities in both diabetes complications and dermatology, combined with our leadership competencies, can release the value of Follicum’s assets. 

How, in any way, does this merger change Coegin’s overall vision as a company?

– This merger complements Coegin’s vision. We will continue our dedicated focus on AK and are excited about starting the COAK study soon. Likewise, as previously announced, we are continuing our efforts to establish separate companies focusing on systemic cancer treatment (leukaemia) and on kidney disease, respectively. With the merger with Follicum we will be able to create an even stronger separate company, focusing on diabetes complications of the liver and kidneys. 

How does this affect Coegin Pharmas capital needs?

– The merger does not significantly affect Coegin Pharma’s future capital needs and we stand by our previously communicated financing strategy. The plan is still that Coegin Pharma’s projects will be largely financed and operated separately through subsidiaries. Each subsidiary’s management is planned to have special competence adapted to the needs of the subsidiaries and will largely be independent units within the group. As part of this, Coegin Pharma will also work for long-term external financing solutions in the subsidiaries. After the projects have been value-refined, these can be separated from Coegin Pharma and, for example, separately listed.

How is the merger financed and how does it affect the shareholders of Coegin Pharma?

– The merger consideration is paid in the form of newly issued shares in Coegin Pharma. For each share held in Follicum, one share is received in Coegin Pharma. This means that 81 698 104 shares will be newly issued, which means a dilution of 11.77 per cent for the shareholders of Coegin Pharma.

In concrete terms, how will the merger add value to Coegin?

– By merging Coegin and Follicum we create strong synergies within kidney and liver diseases associated with diabetes. We will also evaluate the opportunities in the hair loss project.

Follicum has two main projects, one in hair growth and one in diabetes. The diabetes project seems to be of most interest to Coegin. Why is that?

– Like Coegin, Follicum is deeply rooted in top notch science. We have been impressed by the knowledge, capabilities, and the strong collaborations with leading research institutions, e.g., LUDC. We believe that by combining Coegin and Follicums projects and knowledge we can create an even stronger portfolio focusing on diabetes complications of the liver and kidneys.

With regard to the hair loss project, which has recently been put on hold, how will it be handled once the companies merge?

– Follicum announced that they have paused the hair loss project. In Coegin, we have strong capabilities in dermatology, and we will review and analyse the results before we make any conclusions.

Finally, what is the long-term plan relating to the merger?

– The merger will be approved by an Extraordinary General Meeting in Follicum during the beginning of November and is expected to be completed and registered in the first quarter of 2022. During this time, we will be able to engage in deeper discussions. In Q4 2021, Coegin plans to commu nicate an updated 24 month plan for its operations.

Innehållet i BioStocks nyheter och analyser är oberoende men BioStocks verksamhet är i viss mån finansierad av bolag i branschen. Detta inlägg avser ett bolag som BioStock erhållit finansiering från. 

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