Nordic Biotech Opportunity Fund K/S

Management's review

Financial reviewThe income statement for 2022 shows a loss of DKK 38,875 thousand against a loss of DKK 5,233 thousand last year, and the balance sheet at 31 December 2022 shows equity of DKK 21,756 thousand.The activities for the year are significantly impacted by the negative fair value adjustment of the Limited Partnership’s investment in Forward Pharma A/S amounting to DKK 38,752 thousand.OperationsNordic 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 Partnership.InvestmentsForward 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 $1.25 billion in February 2017, with the return of EUR 917.7 million to shareholders through a capital reduction in September 2017.Rose 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 sufferers by developing targeted treatments for acute pain.