Oslo, Norway, 2 October 2017
Norwegian pharmaceutical company Vistin Pharma ASA ("Vistin Pharma") announced today that the Company has successfully completed the sale of its opioids and tablet manufacturing business (CMO) to TPI Enterprises Limited ("TPI"). Reference is made to the stock exchange announcements on 11 July and 13 July.
TPI has paid a provisional cash consideration of NOK 159.5 million, which will be adjusted for changes in inventory between the time of signing the sales and purchase agreement and the completion date. The transaction is expected to have a positive net cash effect of NOK 140 - 150 million, before any transaction costs.
Following the sale, Vistin Pharma is a pure play metformin producer, with a strong position in the global metformin market and with significant growth ambitions. Metformin is used as the 1st line treatment of diabetes 2, a disease which is expected to grow by 50% towards 2030, and affect more than 500 million people. The global market for metformin is expected to grow by four to five percent per annum and Vistin Pharma is attractively positioned to capture part of this growth.
For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby@vistin.com
Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum@vistin.com