holmes schreef op 8 februari 2025 13:33:
Financial Analyst: positive
This strategic acquisition marks a significant expansion for Pharming in the rare disease therapeutics market. By securing 87.7% ownership of Abliva AB for SEK 0.45 per share, Pharming demonstrates strong execution in consolidating its position in this specialized sector. The decision to waive the 90% threshold requirement indicates Pharming's confidence in achieving their strategic objectives even with a slightly lower ownership percentage.
The comprehensive acquisition of all outstanding warrants from employees and board members, priced between SEK 0.03-0.054, shows careful consideration of stakeholder interests while ensuring clean corporate governance post-acquisition. This structured approach to warrant acquisition eliminates potential future dilution concerns and simplifies the integration process.
The planned delisting from Nasdaq Stockholm and potential compulsory acquisition procedure for remaining shares signals Pharming's intent to streamline operations and reduce administrative overhead. This consolidation strategy could lead to improved operational efficiency and cost synergies in the medium term.
For investors, this transaction represents a clear path to value creation through market consolidation in the rare disease space. The extended acceptance period until February 20, 2025, provides remaining shareholders strategic flexibility while ensuring transaction certainty for those who have already tendered their shares.