On 13 June 2016, Navamedic ASA, the Norwegian medtech and pharmaceutical products company, entered into an 8-year agreement with TopRidge Pharma Limited, a subsidiary of Shanghai-listed Tibet Rhodiola Pharmaceutical Holding Co, for distribution of angina prevention medicine, Imdur®, in European markets. Furthermore, the parties agreed to collaborate on the launch of Sippi in the Chinese market.
In addition to the strategic distribution agreement for Imdur® in the Nordic, Baltic and Benelux regions the parties entered into an investment agreement, under which Navamedic issued 1,417,522 new shares to TopRidge Pharma (Ireland) Limited at NOK 8.00 per share, corresponding to approximately 13% of the company's issued share capital. The new shares are subject to a lock-up period of 12 months. The new shares issued to TopRidge Pharma (Ireland) Limited are issued on a separate ISIN and will not be tradable on the Oslo Stock Exchange until the company has prepared and published a listing prospectus to be approved by the Financial Supervisory Authority of Norway (Finanstilsynet).
Aabø-Evensen & Co acted as legal advisor for Navamedic ASA in connection with the investment made by TopRidge Pharma (Ireland) Limited.
For Navamedic's press release, please click here