SVF Vaccines pursues Nasdaq First North listing via reverse takeover

Swedish life sciences investor Karolinska Development (Nasdaq Stockholm: KDEV) said its portfolio company SVF Vaccines has signed a non-binding letter of intent for a reverse takeover of Novakand Pharma, a step that would see SVF Vaccines listed on Nasdaq First North Premier.

If completed, SVF Vaccines’ shareholders would hold about 67% of the combined company, which would be renamed SVF Vaccines Holding. The deal remains subject to a final agreement, approval at Novakand’s extraordinary general meeting, and continued listing approval.

The transaction would be paired with a financing plan intended to speed development of SVF Vaccines’ therapeutic and prophylactic vaccine platform, based on patented technology from Karolinska Institutet. SVF Vaccines would also gain access to Novakand’s existing cash balance.