BerGenBio and Oncoinvent Merge in Strategic Move to Advance Radiopharmaceutical Therapies

In a significant development for the pharmaceutical industry, Norwegian biotechs BerGenBio and Oncoinvent have announced their merger, creating a combined entity focused on advancing innovative radiopharmaceutical therapies for cancer treatment. The move comes as BerGenBio regroups following the discontinuation of its lead cancer drug, bemcentinib, earlier this year.

Merger Details and Strategic Rationale

The merger agreement, announced on June 30, 2025, will see Oncoinvent's shareholders owning 75% of the newly formed company, with BerGenBio's shareholders retaining the remaining 25%. The combined entity will operate under the Oncoinvent brand, leveraging the company's expertise in radiopharmaceutical technology.

Anders Tullgren, chair of BerGenBio's board, explained the strategic decision: "This merger, which is backed by the boards of both companies, is the result of an extensive review that explored a range of strategic options for BerGenBio. The merger gives BerGenBio shareholders a part of an exciting company leveraging Norwegian radiopharmaceutical technology, which has already seen encouraging preliminary efficacy data, without safety concerns."

The deal values BerGenBio at 65 million Norwegian kroner ($6.5 million) and Oncoinvent at 195.5 million kroner ($19.4 million). As part of the agreement, an additional 45 million kroner ($4.5 million) will be allocated to fund Oncoinvent's clinical development plans.

Focus on Radspherin and Clinical Development

The merged company will prioritize the development of Oncoinvent's lead asset, Radspherin, an alpha-emitting radionuclide radium-224 designed to treat peritoneal cancer in patients who have undergone surgery for colorectal or ovarian cancer. Radspherin is currently being evaluated in a phase 2 trial across the United States, United Kingdom, and Europe, with results expected in the second half of 2026.

Øystein Soug, CEO of Oncoinvent, expressed optimism about the merger's potential impact: "We are very excited for the time ahead and to continue the execution of our focused strategy to develop Radspherin in ovarian cancer. We are on track with our randomised phase 2 trial. Going forward with a strengthened balance sheet, we believe the company will be a transformative force in the radiopharmaceutical therapy field, improving the lives of patients with cancer in the peritoneal cavity."

Financial Outlook and Future Plans

Following the merger, the newly formed Oncoinvent plans to conduct a fully underwritten rights issue of 130 million kroner ($12.9 million). This additional funding is expected to extend the company's cash runway beyond the Radspherin phase 2 readout and into 2027, providing financial stability for continued clinical development.

The merger and subsequent funding efforts reflect the growing interest in radiopharmaceutical therapies within the oncology field. Oncoinvent, founded by Øyvind Bruland, M.D., Ph.D., and Roy Larsen, Ph.D., builds on the success of its founders, who were pioneers behind Xofigo, a prostate cancer radiopharmaceutical drug acquired by Bayer in 2014.

As the pharmaceutical industry continues to evolve, this strategic merger between BerGenBio and Oncoinvent represents a significant step towards advancing innovative cancer treatments and solidifying Norway's position in the global radiopharmaceutical market.