Nordic Biotech K/S

Management's review

Financial reviewThe income statement for 2022 shows a loss of DKK 44572 thousand against a loss of DKK 6387 thousand last year and the balance sheet at 31 December 2022 shows equity of DKK 34150 thousandThe activities for the year are significantly impacted by the negative fair value adjustment of the Limited Partnership's investment in Forward Pharma A/S which in aggregate amounted to DKK 44450 thousandOperationsNordic Biotech General Partner ApS participates in the Limited Partnership as a general partner and manages the Limited Partnership in this capacity Further the Limited Partnership has concluded an advisory agreement with Nordic Biotech Advisors ApS pursuant to which Nordic Biotech Advisors ApS attends to the daily operation of the Limited PartnershipInvestmentsForward Pharma A/SForward Pharma is a Danish biopharmaceutical company that commenced development in 2005 of FP187® a proprietary formulation of DMF for the treatment of inflammatory and neurological indications Forward Pharma granted to Biogen an irrevocable license to all of its IP through the Settlement and License Agreement and received from Biogen a non-refundable cash fee of $125 billion in February 2017 with the return of EUR 9177 million to shareholders through a capital reduction in September 2017 Forward Pharma will not receive any further income from Biogen Only activity is pending German tax caseRose Pharma IncIn connection with the final dissolution of Rose Pharma A/S the Limited Partnership received shares in NV Rose LLC a company incorporated and domiciled in Bermuda These shares were subsequently exchanged for shares in Rose Pharma Inc a company incorporated and domiciled in the United States The activities of Rose Pharma Inc comprise the development of a medical product that will improve the lives of irritable bowel syndrome suffers by developing targeted treatments for acute painsAditech Pharma AGAditech Pharma AG has developed certain intellectual property rights some of which have been transferred to Forward Pharma A/S Aditech Pharma AG is under liquidation