Västra Hamnen Corp. Finance

• Q&A with EQGen’s founders CMO Willem Scheele and CEO Grant Senner
• License fee of MUSD 1 and shares in EQGen worth MUSD 3
• Our model suggests a fair value of SEK 1.43 per share

Xintela and EQGen have entered a licensing and development agreement regarding EQSTEM, Xintela's stem cell product for the treatment of joint disease in horses, dogs and other animals. EQGen will have global rights to EQSTEM and other stem cell products for veterinary muscoloskeletal indications. In exchange, Xintela will receive a licensing fee of MUSD 1 and shares in EQGen corresponding to MUSD 3 and royalties on future sales. Västra Hamnen contacted EQGen's executive management for a comment on the collaboration.

We therefore maintain our risk-adjusted motivated value of SEK 1.30 per share. The full report is available here.