Oncoinvent Asa · OSL:ONCIN
Oncoinvent Asa — Merger or Acquisition (July 2025)
39 slides from Oncoinvent Asa's merger presentation, Jul 2, 2025
Slide 1: Presentation on the merger between Oncoinvent and BerGenBio, followed by a fully underwritten rights issue
Presentation on the merger between Oncoinvent and BerGenBio, followed by a fully underwritten rights issue Øystein Soug, Oncoinvent CEO Olav Hellebø, BerGenBio CEO 2 July 2025 Webcast
Slide 2: Disclaimer and important information
Disclaimer and important information DISCLAIMER AND IMPORTANT INFORMATION This presentation, together with its enclosures and appendices (collectively, the “Presentation”), has been prepared by BerGenBio ASA and Oncoinvent ASA (each a "Company" and jointly the “Companies” and together with their res
Slide 3: Agenda
Agenda 1 Transaction rationale 2 Introduction to Oncoinvent 3 Transaction details A Appendix
Slide 4: Transformational transaction that forms a well-funded innovator in radiopharmaceutical cancer therapies
TRANSACTION RATIONALE Transformational transaction that forms a well-funded innovator in radiopharmaceutical cancer therapies Merger between BerGenBio and Oncoinvent and fully underwritten rights issue of NOK 130 million • Following the strategic review announced on February 25, BerGenBio’s Board of
Slide 5: A brief overview and rationale behind BerGenBio's strategic review process
TRANSACTION RATIONALE A brief overview and rationale behind BerGenBio’s strategic review process The strategic review process: Background, goal and outcome Overview of the process • 25 February 2025: BerGenBio announces discontinuation of 1L STK11M NSCLC study and initiation of strategic review proc
Slide 6: Agenda
Agenda 1 Transaction rationale 2 Introduction to Oncoinvent 3 Transaction details A Appendix
Slide 7: A unique radiopharmaceutical opportunity
EXECUTIVE SUMMARY A unique radiopharmaceutical opportunity 1 Clinical-stage radiopharmaceutical company focused on treating peritoneal metastases 1 Harnessing the advantages of radiopharmaceuticals with lower complexity and risk with lead 2 drug candidate Radspherin® 2 3 Clinical trial data from two
Slide 8: Peritoneal metastases - urgent need for novel treatments
UNMET MEDICAL NEED Peritoneal metastases - urgent need for novel treatments • Peritoneal metastases arise from many different primary cancers • The only treatment option with curative intent is surgery, effect of systemic therapy limited • Surgery leaves behind micro-metastases giving rise to new me
Slide 9: The main cause of death in ovarian cancer
UNMET MEDICAL NEED The main cause of death in ovarian cancer • The majority of patients experience disease recurrence • Ovarian cancer almost exclusively confined to the peritoneum • Need for improved first-line treatments that keep patients in remission – local control in the peritoneum is key to i
Slide 10: Peritoneal disease significantly reduces survival in colorectal cancer
UNMET MEDICAL NEED Peritoneal disease significantly reduces survival in colorectal cancer Of patients who experience disease recurrence: 1/3 Peritoneal only Median overall survival - from the time of recurrence: • After distant metastasis only: 44 months • After peritoneal metastasis: 22 months 1/3
Slide 11: Radspherin - innovative alpha emitting therapy targeted to and retained in the peritoneum
TREATMENT CANDIDATE Radspherin® - innovative alpha emitting therapy targeted to and retained in the peritoneum Radspherin® • A receptor-independent treatment: effective regardless of the origin of the primary malignancy • Combining alpha-emitting 224Ra with CaCO3 microparticles • Therapy with depot
Slide 12: How alpha radiation works and why it's powerful
TREATMENT CANDIDATE How alpha radiation works and why it’s powerful • There are three main types of radioactive emission: Alpha, beta, and gamma • Alpha radiation consists of positively charged particles (helium nuclei) emitted from radioactive atoms • Alpha particles have high energy but short rang
Slide 13: Radspherin - innovative alpha emitting therapy targeted to and retained in the peritoneum
TREATMENT CANDIDATE Radspherin® - innovative alpha emitting therapy targeted to and retained in the peritoneum Radspherin® How does it work? • A receptor-independent treatment: • Delivering a high dose of alpha-radiation effective regardless of the origin of the directly to the peritoneum through an
Slide 14: Clinical development plan
CLINICAL DEVELOPMENT PROGRAM Clinical development plan 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Survival follow-up Ph 1/2a Colorectal Ovarian N = 96 Ph 2 Colorectal TBD Ovarian Ph 3 = Interim read-out = Final results 14
Slide 15: Clinical development plan
CLINICAL DEVELOPMENT PROGRAM Clinical development plan 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Survival follow-up Ph 1/2a Colorectal Ovarian N = 96 Ph 2 Colorectal TBD Ovarian Ph 3 = Interim read-out = Final results 15
Slide 16: Ovarian cancer: Preventing disease progression
PHASE 1 RESULTS Ovarian cancer: Preventing disease progression 18 months data from 10 patients receiving 7 MBq dose vs historical recurrence rate Overall recurrence rate RAD-18-001 Radspherin® Historical control “I am proud to be part of a study program exploring whether Radspherin® may become a 10
Slide 17: Ongoing clinical development
CLINICAL DEVELOPMENT PROGRAM Ongoing clinical development 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Ph 1/2a Colorectal Ph 2 Ovarian N = 96 = Interim read-out = Final results 17
Slide 18: Colorectal cancer: final phase 1/2a data confirm peritoneal control
PHASE 1/2A RESULTS Colorectal cancer: final phase 1/2a data confirm peritoneal control Topline 18-months data of 36 patients receiving 7 MBq dose vs historical recurrence rates Peritoneal recurrence rate "It’s highly encouraging to see Radspherin® Historical control patients treated with Radspherin
Slide 19: Strong safety profile demonstrated in the completed phase 1/2a studies
PHASE 1/2A RESULTS Strong safety profile demonstrated in the completed phase 1/2a studies ovarian and colorectal cancer • No dose limiting toxicity Well tolerated and safe to use • Only two out of 38 serious adverse events reported as possibly related to Radspherin* No evidence of systemic radiation
Slide 20: Near-term significant milestones
CLINICAL DEVELOPMENT PROGRAM Near-term significant milestones Final 18 months data Phase 1/2a 36 patients 7 MBq colorectal cancer Late 1H25 Final 24 months data Phase 1 10 patients 7 MBq ovarian cancer Late 2H25 Interim 9 months data Phase 2 Based on analysis of patients recruited by early 2026 ovar
Slide 21: Ongoing clinical development
CLINICAL DEVELOPMENT PROGRAM Ongoing clinical development 1H25 2H25 1H26 2H26 1H27 2H27 1H28 2H28 Ovarian Ph 1/2a Colorectal Ph 2 Ovarian N = 96 = Interim read-out = Final results 21
Slide 22: Phase 2 study in ovarian cancer – enrollment on track
PHASE 2 PROGRAM Ovarian cancer Phase 2 study in ovarian cancer – enrollment on track All 6 centers active Patients PFS • with peritoneal pPFS metastases SoC+ Radspherin Assessment OS Randomised (60 patients) every 3 months TFST • after neoadjuvant Safety run-in cohort (6 patients) 2:1 up to 24 TSST
Slide 23: Patient recruitment Phase 2 study in ovarian cancer on track
PHASE 2 PROGRAM Patient recruitment Phase 2 study in ovarian cancer om track All six hospitals are actively recruiting patients Safety cohort (6 patients) completed in March Number of hospitals will double after summer, which will speed up Recruitment into randomized trial has recruitment rate progr
Slide 24: Peritoneal metastases represent a significant market opportunity
MARKET OPPORTUNITY Peritoneal metastases represent a significant market opportunity High addressable patient number Limited competition Adds perfectly to existing patient flow • Total treatments per year targeted more • Distinguished by its unique mechanism of • Surgery is and will remain the corner
Slide 25: Radiopharma sector concentrated in two indications; Oncoinvent pursues peritoneal metastases
MARKET OPPORTUNITY While the radiopharma sector is largely concentrated in two indications, Oncoinvent pursues peritoneal metastases Snapshot of the Radiopharma Landscape 224Ra 212Pb 225Ac 177Lu Other Commentary metastases Peritoneal • Harnessing the advantages of radiopharmaceuticals with reduced c
Slide 26: In-house GMP pilot plant with attractive capabilities
MANUFACTURING AND SUPPLY In-house GMP pilot plant with attractive capabilities Oncoinvent has in-house GMP 224Ra produced from 228Th, which Microparticles and finished goods production capability has multiple sources produced in-house Capacity for ~200 doses of Radspherin® annually, outsourcing and
Slide 27: Radiopharmaceutical expertise at all levels
MANAGEMENT & BOARD Radiopharmaceutical expertise at all levels Management Øystein Soug Gro Hjellum Anne-Kirsti Aksnes Kari Myren Tore Kvam Kristine Lofthus Stian Brekke Chief Executive Officer Chief Operations Officer Chief Clinical Officer Chief Medical Officer Chief Financial Officer Chief Product
Slide 28: A unique radiopharmaceutical opportunity
SUMMARY A unique radiopharmaceutical opportunity 1 High unmet need and limited competition 1 2 Compatible with established treatment regimes - adds well to existing patient flow 2 3 3 Targeted, non-biological, receptor independent mode of action with alpha emitter 4 4 Signals of efficacy: potential
Slide 29: Agenda
Agenda 1 Transaction rationale 2 Introduction to Oncoinvent 3 Transaction details A Appendix
Slide 30: Transaction details (1/2)
TRANSACTION Transaction details (1/2) Details of the merger and the rights issue The merger – key details The rights issue – key details • BerGenBio will be the surviving entity in the merger, enabling Oncoinvent to uplist • Fully underwritten rights issue of NOK 130 million to be launched following
Slide 31: Transaction details (2/2)
TRANSACTION Transaction details (2/2) Timeline of events Indicative timeline On or around 4 August 2025 EGM for approval of the proposed Merger plan in both Oncoinvent and BerGenBio Around the middle of September Expected closing of the merger (subject to merger conditions being fulfilled) Post merg
Slide 32: Agenda
Agenda 1 Transaction rationale 2 Introduction to Oncoinvent 3 Transaction details A Appendix
Slide 33: Radspherin - solid multilayer intellectual property protection
INTELLECTUAL PROPERTY Radspherin® - solid multilayer intellectual property protection Radspherin® composition of matter & use • Granted in US, EU, China, Japan and additional countries • Patent expiry 2035 (2036 in some countries) with an option for 5 years extension Radspherin® formulation • Filed
Slide 34: High addressable patient numbers with unmet need
High addressable patient numbers with unmet need Ovarian cancer USA Europe Total Colorectal cancer USA Europe Total Patient diagnosed (100%) 22,000 63,000 85,000 Patient diagnosed stage IV (100%) 39,000 113,000 152,000 Peritoneal mets (70%) 15,000 44,000 59,000 Peritoneal mets (25%) 10,000 28,000 38
Slide 35: Microparticle retention limits off-target organ exposure
Microparticle retention limits off-target organ exposure • Absorbed doses below 1 Gy* for all organs measured • Highest absorbed doses to organs at risk for osteogenic cells (mean value 0.55 Gy*/7MBq), followed by liver, bone marrow and kidneys (mean value ≤0.1 Gy*/7MBq) • No signs of hematological,
Slide 36: Despite strong M&A activity within radiopharma there is still significant headroom
APPENDIX Despite strong M&A activity within the radiopharma sector there is ONCo still significant headroom for further acquisitions invent Summary of M&A Activity th Bristol Myers Squibb & Novartis $4.1 $3.9 $2.9 = s t NovaRTIS astrazenecd 2 8 $2.1 Lee, $2.1 < § v 2 ga ) NOVARTIS g $ 1.0 s 43 Undis
Slide 37: Colorectal cancer: Overall recurrence and site of first recurrence
Colorectal cancer: Overall recurrence and site of first recurrence Site of first recurrence • At 18 months, 61% (22 out of 36) of 20 the patients had experienced 17 Peritoneal recurrence of some kind Number of recurrences 15 recurrence • Overall recurrence is driven by distant Distant recurrence in
Slide 38: Design: Phase 1/2a in colorectal cancer
Design: Phase 1/2a in colorectal cancer The trial: (RAD-18-002) Radspherin after Two clinical sites: cytoreductive surgery and HIPEC in patients with peritoneal metastasis from colorectal cancer • Oslo, Norway (PI: Stein Larsen) • Uppsala, Sweden (PI: Wilhelm Graf) • Single-arm open label study • 3
Slide 39: Radspherin - phase 1 study in ovarian cancer
Radspherin® - phase 1 study in ovarian cancer RAD-18-001: in patients after secondary debulking 4 clinical sites: surgery of platinum-sensitive recurrent ovarian cancer • Oslo, Norway(PI: Yun Wang) • single-arm open label study • Leuven, Belgium (PI: Els van Nieuwenhuysen) • 3 + 3 dose-escalation (1