Nordic Nanovector and APIM to merge

News of the planned merger of Norway-based companies Nordic Nanovector (OSE: NANOV) and APIM Therapeutics, a privately held, clinical-stage cancer-focused biotechnology firm, saw the former’s shares fall 13.3% to 1.17 Norwegian kroner by late afternoon.

Subject to completion of the agreement, which is expected to complete in the current quarter, Nordic Nanovector will purchase shares in APIM, and become the parent entity of APIM. The combined company – which will be renamed in due course – will be around 76% owned by APIM shareholders and 24% by Nordic Nanovector investors and will aim to retain its listing on the Oslo stock exchange.

The agreement follows the review that Nordic Nanovector conducted, in conjunction with Carnegie Investment Bank, to optimize shareholder value following its decision to discontinue the PARADIGME study for Nordic Nanovector's lead asset Betalutin (177Lu lilotomab satetraxetan) in third-line relapsed and anti-CD20 refractory follicular lymphoma. .