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Navamedic ASA acquires Vitaflo Scandinavia AB and initiates a new strategic phase

23 Aug 2007 - Navamedic ASA entered into an agreement with POA Consulting Scandinavia AB concerning the acquisition of the Swedish speciality pharmaceutical company Vitaflo Scandinavia AB at a purchase price of SEK 90 million (enterprise value), of which SEK 54 million shall be settled in cash and the remaining amount shall be settled in the form of shares in Navamedic. Navamedic will finance the acquisition through an underwritten share issue and debt financing.
 
According to the company, the acquisition of Vitaflo is the first step towards the creation of an international speciality pharmaceutical company, where Navamedic will provide valuable qualifications registration and approval processes and an international network within distribution/marketing. The acquisition does not change Navamedic's ambitions in the glucosamine market, where the focus on Glucomed/Flexove will continue with full intensity through existing distributions agreements.