Sweden-based Flerie AB (Nasdaq Stockholm: FLERIE), a life sciences investment company that acquires and develops biotech assets, has agreed to acquire Sweden-based Biosergen AB through a statutory merger, valuing Biosergen at approximately SEK 54.7 million (around USD 5.6 million) and marking Flerie's first new investment since its Nasdaq Stockholm listing. The deal is structured to absorb Biosergen entirely into Flerie, with Biosergen's operations subsequently contributed to a new subsidiary of Flerie's wholly owned vehicle, Flerie Invest AB, positioning Flerie as the sole owner of clinical-stage antifungal drug candidate BSG005.
The merger consideration consists exclusively of newly issued Flerie ordinary shares, with Biosergen shareholders receiving one Flerie share for every 31 Biosergen shares held, implying a value of approximately SEK 0.67 per Biosergen share — a 33% premium to the subscription price in a concurrent rights issue. Concurrent with the merger, Biosergen is conducting a rights issue of up to 79,839,888 new shares at SEK 0.50 per share, targeting gross proceeds of at least SEK 39.9 million. Completion of the rights issue is a condition precedent to the merger closing, which is expected in Q4 2026.
The deal rescues a program that Biosergen paused in April 2026 due to financing constraints, despite reported clinical activity in resistant and difficult-to-treat invasive fungal infections. BSG005 is a clinical-stage antifungal candidate targeting immunosuppressed patients — including those undergoing cancer treatment, organ transplantation, or living with AIDS — in whom standard-of-care therapies have failed or are not tolerated. The program had completed two clinical cohorts and received pre-IND guidance from the US FDA ahead of the pause, with rights issue proceeds earmarked for CMC work, completion of a third cohort, and additional clinical activities. The competitive landscape includes approved azoles, echinocandins, and polyenes, as well as emerging agents such as ibrexafungerp and olorofim, which are also targeting treatment-refractory invasive fungal infections.
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