BerGenBio

Share Issue/Capital Change • May 20, 2023

BerGenBio ASA - Updated key information relating to the preferential rights issue

BerGenBio ASA - Updated key information relating to the preferential rights issue

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED

STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE

PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE

DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.

Reference is made to the stock exchange announcement published by BerGenBio ASA

(the "Company") on 25 April 2023 with key information relating to the

preferential rights issue in the Company.

Date on which the terms and conditions of the preferential rights issue were

announced: 25 April 2023 and 20 May 2023

Last day including right: 22 May 2023

Ex-date: 23 May 2023

Record Date: 24 May 2023

Date of approval: 22 May 2023

Maximum number of new shares: 2,500,000,000

Subscription price: NOK 0.10

Ratio preferential rights: Each existing shareholder as of 22 May 2023 (and

being registered as such in Euronext Securities Oslo, the Norwegian Central

Securities Depository, (the VPS) as at the expiry of 24 May 2023 (the record

date)) will be granted 28.197440 subscription rights for each share registered

as held by the shareholder. The number of subscription rights granted to each

existing shareholder will be rounded down to the nearest whole subscription

right.

Subscription ratio: 1:1 (number of new shares per subscription right)

Managers: Arctic Securities AS and Carnegie AS

Will the rights be listed: Yes (ticker code "BGBIT")

ISIN for the preferential rights: ISIN NO 0012921180

Other information: The subscribers in the Rights Issue will without cost be

allocated one warrant (Nw. "frittstående tegningsrett") issued by the Company

for every two new shares allocated to, and paid by, them in the Rights Issue.

The number of warrants to be issued will be minimum 843,750,000 and maximum

1,250,000,000. Each warrant will give the holder a right to subscribe for one

new share in the Company at a subscription price equal to the volume-weighted

average price (VWAP) of the Company's shares on the Oslo Stock Exchange on the

three last trading days prior to the first date on which the holder can exercise

the warrant in each exercise period (as described below) less 30%, but in any

event not exceeding the subscription price in the Rights Issue plus 30% (i.e.

NOK 0.13. The warrants may be exercised during two exercise periods: (i) within

the first 14 days after the Company's announcement of its Q3 2023 quarterly

financial report and (ii) from 1 April 2024 to 14 April 2024.

The preferential rights issue is subject to approval by the annual general

meeting of the Company, which will be held on 22 May 2023.

This information is published in accordance with the requirements of the

Continuing Obligations.

For further information, please contact:

Martin Olin CEO, BerGenBio ASA

ir@bergenbio.com

Rune Skeie, CFO, BerGenBio ASA

rune.skeie@bergenbio.com

Investor Relations / Media Relations

Graham Morrell

graham.morrell@bergenbio.com

For information about the Rights Issue please contact the Managers:

Arctic Securities AS, tel.: + 47 21 01 30 40

Carnegie AS, tel.: +47 22 00 93 40

About BerGenBio ASA

BerGenBio is a clinical-stage biopharmaceutical company focused on developing

transformative drugs targeting AXL as a potential cornerstone of therapy for

aggressive diseases, including cancer and severe respiratory infections. The

Company is focused on its proprietary lead candidate bemcentinib a potentially

first-in-class selective AXL inhibitor in development for STK11 mutated NSCLC

and severe respiratory infections.

BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The

Company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more

information, visit www.bergenbio.com.