Västra Hamnen Corp. Finance

• Flerie has proposed a merger with Lipum
• Topline data support BSSL’s role in RA
• Our model suggests a fair value of SEK 16.29 per share

A key issue in Lipum’s preparations for the anticipated phase II study has been the financing. This will now likely be resolved in a different setting, after a suggested merger with the main shareholder, Flerie. The plan is supported by other major shareholders representing 16.5 per cent in addition to Flerie’s holding of 57 per cent. During the quarter, Lipum announced new topline data in its collaboration with Linköping University. The data show that the levels of bile salt-stimulated lipase in rheumatoid arthritis patients correspond to disease activity. The findings support Lipum’s clinical development of SOL-116.

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