Recipharm announces the preliminary outcome of the oversubscribed rights issue

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The preliminary result of the rights issue in Recipharm AB (publ) (“Recipharm” or the “Company”), for which the subscription period ended on 22 June 2020, shows that the rights issue is oversubscribed. As a result of the rights issue, Recipharm will receive proceeds amounting to approximately SEK 2,017 million before deduction of costs related to the rights issue.

The preliminary result shows that 6,089,140 series A shares and 22,600,368 series B shares, corresponding to approximately 99.6 per cent of the offered series A and series B shares have been subscribed for by the exercise of subscription rights.

Additionally, applications for subscription without subscription rights of 65,922 series A shares and 37,154,106 series B shares, corresponding to approximately 129.2 per cent of the offered series A and series B shares, have been received. Thus, the rights issue is oversubscribed.

As a result of the rights issue, Recipharm will receive proceeds amounting to approximately SEK 2,017 million before deduction of costs related to the rights issue. Through the rights issue Recipharm’s share capital will increase by SEK 14,407,502.00[1], from SEK 36,150,339.50 to SEK 50,557,841.50 by issue of 6,089,142 new series A shares and 22,725,862 new series B shares. After the rights issue, the number of shares in Recipharm will amount to 21,312,000 series A shares and 79,803,683 series B shares.

Shares subscribed for without subscription rights will be allotted to investors in accordance with the principles set out in the prospectus published by Recipharm on 4 June 2020. As confirmation of allotment of shares subscribed for without subscription rights, a contract note will be sent to investors on or about 26 June 2020. Subscribed and allotted shares must be paid for in cash in accordance with the instructions in the contract note. Nominee-registered shareholders will receive notice of allotment in accordance with the procedures of the nominee. Only those who have been allotted shares will be notified.

The final result is of the rights issue expected to be announced on 25 June 2020. The final day for trading in paid subscribed shares (BTA) will be 2 July 2020. The new shares are expected to start trading on Nasdaq Stockholm from 8 July 2020.

ADVISERS

Recipharm has in connection with the rights issue appointed Danske Bank A/S, Danmark, Sverige Filial and DNB Markets, a part of DNB Bank ASA, Sweden Branch as financial advisers and Joint Lead Managers. Setterwalls Advokatbyrå acts as legal adviser to the Company and Schjødt acts as legal adviser to the Joint Lead Managers.

 

For more information please visit www.recipharm.com or contact:

Thomas Eldered, CEO, telephone: +46 8 602 52 10
Tobias Hägglöv, CFO, ir@recipharm.com, telephone: +46 8 602 52 00 

The information was submitted for publication on 24 June 2020 at 17:15 CEST.
 

About Recipharm
Recipharm is a leading Contract Development and Manufacturing Organisation (CDMO) in the pharmaceutical industry employing almost 9,000 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material and APIs, pharmaceutical product development and development and manufacturing of medical devices. Recipharm manufactures several hundred different products to customers ranging from big pharma to smaller research and development companies. Recipharm’s annual turnover is approximately SEK 11 billion. The company operates development and manufacturing facilities in France, Germany, India, Israel, Italy, Portugal, Spain, Sweden, the UK and the US and is headquartered in Stockholm, Sweden. The Recipharm B-share (RECI B) is listed on Nasdaq Stockholm.

For more information on Recipharm and our services, please visit www.recipharm.com

 

IMPORTANT Notice

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area ("EEA"), securities referred to in the press release may only be offered in accordance with applicable exemptions under Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”).

This press release is not an offer or invitation to acquire or subscribe for shares or other securities in the United States. The securities that have been mentioned in this release are not allowed to be sold in the United States without registration, or without application of an exception from registration, according to the applicable U.S. Securities Act from 1933 (“Securities Act”), or as a part of a transaction that is not covered by the registration requirements according to the Securities Act. There is no intention to register any shares or securities mentioned herein in the United States or to announce a public offering of such securities in the United States. The information in this press release shall not be published, copied, reproduced or distributed, directly or indirectly, in whole or in part, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland, Singapore, South Africa, the United States of America or any other jurisdiction in which the release, publication or distribution of this information would be unlawful or where such action is subject to legal restrictions or would demand additional registration or other actions according to Swedish law. Acts in contrary to this instruction can constitute a crime according to applicable securities laws.

The prospectus that has been prepared in connection with the rights issue described in this press release was published by the Company on 4 June 2020. The prospectus has approved and registered by the Swedish Financial Supervisory Authority (Sw: Finansinspektionen) and is available on Recipharm’s website, www.recipharm.com/share/rights-issue-2020. The approval of the prospectus by the Swedish Financial Supervisory Authority shall not be regarded as an approval of the shares. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. Recipharm has not authorized any offer to the public of shares or rights in any other member state of the EEA than Sweden. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in shares. An investment decision to acquire or subscribe for shares in the rights rssue shall only be made based on publicly available information.

To the extent this press release contains forward-looking statements, such statements does not constitute facts and are characterized by words such as “shall”, “expect”, “believe” “assess”, “intend”, “estimate” and similar expressions. Such statements reflects Recipharm’s intentions, views or present expectations or assumptions. Such forward-looking statements are based on Recipharm’s current plans, estimates and projections, which have been made to the best of Recipharm’s ability. However, Recipharm does not assert that these statements will be correct in the future. Forward-looking statements are associated with risks and uncertainties which are difficult to predict and which generally cannot be affected by Recipharm. It should be contemplated that actual events or outcomes may differ materially from what is included or expressed in such forward-looking statements.

[1] Excluding consideration of 263,165 own shares of series B, which did not entitle to participation in the rights issue.