Ultimovacs and Zelluna: A Powerful Convergence in Cancer Therapy

Ultimovacs ASA (OSE: ULTI) and Zelluna Immunotherapy AS have announced a strategic agreement to combine their businesses, marking a significant milestone in the development of innovative cancer therapies. The proposed transaction, subject to shareholder approval and regulatory clearances, aims to create a robust entity with complementary strengths in clinical execution and cell therapy platforms. This article explores the potential of this convergence and its implications for investors.

The Business Combination Agreement between Ultimovacs and Zelluna represents a shared vision of a powerful convergence of complementary strengths. Ultimovacs, a publicly listed company, brings an established clinical team and expertise in treating vast numbers of solid cancer patients. Zelluna, on the other hand, is pioneering a groundbreaking, novel, and proprietary "off the shelf" cell therapy platform with a lead program nearing the clinic for the treatment of solid cancers.



By combining their capabilities, the new entity, Zelluna ASA, will be well-positioned to take Zelluna's world-leading cell therapy platform to solid cancer patients. The combined company will also harness Zelluna's established team of platform builders and business development to contribute in seeking to unlock the potential of Ultimovacs' MultiClick platform. With a strong shareholder base and a public listing, Zelluna ASA creates a transformative force in the cancer therapy sector.

In connection with the Business Combination, Ultimovacs has received pre-commitments for a private placement raising gross proceeds of approximately NOK 51.7 million. The subscription price of NOK 2.60 per Offer Share represents a 4.13% decrease from Ultimovacs' current stock price of NOK 2.44. This dilution may raise concerns among existing shareholders, but the Private Placement aims to provide funding through the second quarter of 2026, supporting the company's growth prospects.



The combined company is expected to have a strong and robust shareholder base, with the top 20 shareholders comprising high-quality names together holding approximately 80% of the shares in the company. This solid foundation, coupled with the convergence of complementary strengths, positions Zelluna ASA for success in the competitive cancer therapy landscape.

In conclusion, the proposed Business Combination between Ultimovacs and Zelluna presents an exciting opportunity for investors. The convergence of complementary strengths in clinical execution and cell therapy platforms creates a powerful entity with the potential to revolutionize cancer treatment. While the Private Placement may result in temporary dilution, the long-term prospects of the combined company are promising. As the transaction progresses, investors should closely monitor the developments and evaluate the potential of Zelluna ASA in the dynamic cancer therapy sector.