Karo Pharma completes the acquisition of Trimb and carries out management changes

Karo Pharma Aktiebolag (”Karo Pharma”) today announces that the acquisition of all the shares of Trimb Holding AB (“Trimb”) from Avista Capital Partners and other shareholders for MSEK 3,400, which was signed on 21 June, 2019 and approved by relevant competition authorities on 4 September, 2019, has been completed. The acquisition of Trimb is expected to contribute positively to Karo Pharma’s market position and create a strong platform for Karo Pharma’s continued growth. Furthermore, the acquisition is expected to bring synergy potential for Karo Pharma in the form of both sales and cost synergies.

As previously communicated, Karo Pharma’s intention is to repay part of the acquisition financing related to the acquisition of Trimb with proceeds from a new share issue. Hence, the Board of Directors of Karo Pharma has proposed that the extraordinary general meeting in Karo Pharma on 20 September, 2019 authorises the Board of Directors to resolve on a new share issue with pre-emptive rights for existing shareholders. Provided that the Board of Directors receives such authorisation from the extraordinary general meeting, the new share issue with pre-emptive rights is expected to be executed during the fourth quarter of 2019.  

New executive management

As part of the acquisition of Trimb, Karo Pharma carries out changes in its executive management:

· Magnus Nylén, previously CEO at Trimb, is appointed new Chief Sales Officer. Magnus also has experience as, inter alia, Managing Partner and Managing Director at Exeltis, as well as Marketing Director at Actavis.
· Jonathan Kimber, previously Head of Supply Chain at Trimb, is appointed new VP Operations. Jonathan also has experience from several positions at Oriflame.
· Sofia Pedersen, previously Head of Scientific Affairs at Trimb, is appointed new VP Scientific Affairs. Sofia also has experience as, inter alia, Manager Regulatory Affairs at Bausch + Lomb, as well as Nordic Regulatory Affairs Officer at Actavis.
· Anna Elmblad, previously Head of Marketing & Business Development at Trimb, is appointed new VP Marketing Wellness, Foot- and Intimate Care. Anna also has experience as, inter alia, Business Unit Director at Teva and Allergan.

Accordingly, the executive management consists of Christoffer Lorenzen (CEO), Mats-Olof Wallin (CFO, up until 1 October, 2019, after which he is succeeded by Jon Johnson, as communicated through a press release on 14 August, 2019), Magnus Nylén (Chief Sales Officer), Carl Lindgren (VP Business Development), Jonathan Kimber (VP Operations), Sofia Pedersen (VP Scientific Affairs), Lisa Westerdahl (VP Marketing Pain, Dermatology and Pharma), Anna Elmblad (VP Marketing Wellness, Foot- and Intimate Care) and Hadi Ghane (Director, Hospital Supply).

More information about the new executive management is available at Karo Pharma’s website, www.karohealthcare.com.

For further information, please contact: 

Christoffer Lorenzen, CEO, +46 73 501 76 20, christoffer.lorenzen@karopharma.se

Mats-Olof Wallin, CFO, +46 76 002 60 10, mats-olof.wallin@karopharma.se
 

About Karo Pharma

Karo Pharma is a pharmaceutical company specialised in sales and marketing of prescription pharmaceuticals and over-the-counter products sold in pharmacies and retail. Karo Pharma is listed on Nasdaq Stockholm Mid Cap.

The information was submitted for publication, through the agency of the contact persons set out above, at 17:00 CEST on 12 September, 2019.