Medivir — Capital/Financing Update 2021

Feb 5, 2021

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PRELIMINARY OUTCOME IN MEDIVIR'S RIGHTS ISSUE – OVERSUBSCRIBED BY 93.5 PER CENT

On 11 December 2020 Medivir AB (publ) ("Medivir" or the "Company") published its intention to carry out a rights issue of approximately SEK 170 million (the "Rights Issue") as well as a potential over-allotment option of approximately SEK 25 million (the "Over-allotment Option"), depending on the outcome of the Rights Issue. The preliminary result of the Rights Issue, for which the subscription period ended on 3 February 2021, shows that the Rights Issue has been oversubscribed by 93.5 per cent. As a result, the board of directors intends, after resolving on the final result of the Rights Issue, to decide, with authorization from the annual general meeting held in Medivir on 5 May 2020, to exercise the Over-allotment Option, meaning that the Company will receive total proceeds amounting to approximately SEK 195 million before deduction of transaction costs after the Rights Issue and the Over-allotment Option. The Company will, as a result of the Rights Issue, strengthen its institutional shareholder base through the specialist investor Healthinvest Partners AB's ("Healthinvest") participation in the Over-allotment Option.

The preliminary result of the Rights Issue in Medivir, for which the subscription period ended on 3 February 2021, shows that the Rights Issue is oversubscribed. The preliminary result shows that 22,824,147 series B shares, corresponding to approximately 94 per cent of the offered series B shares have been subscribed for by the exercise of subscription rights. Additionally, applications for subscription without subscription rights of 24,154,999 series B shares, corresponding to approximately 99.5 per cent of the offered series B shares, have been received for subscription without subscription rights. The Rights Issue was thereby oversubscribed by 93.5 per cent and no guarantee commitments needed to be utilized.

Based on the big interest for subscription of new issued shares in Medivir, the board of directors intends, after resolving on the final result of the Rights Issue, to decide, with authorization from the annual general meeting held in Medivir on 5 May 2020, to exercise the Over-allotment Option of approximately SEK 25 million, corresponding to 3,571,429 series B shares, directed to the specialist investor Healthinvest. The subscription price in the Over-allotment option corresponds to the subscription price in the Rights Issue, SEK 7.00 per share.

As a result of the Rights Issue and the Over-allotment Option, Medivir will receive total proceeds amounting to approximately SEK 195 million before deduction of transaction costs through the issue of 27,847,833 new series B shares. After the Rights Issue and the Over-allotment Option, the number of series B shares in Medivir will amount to 52,135,651.

Shares subscribed for without subscription rights will be allotted to investors in accordance with the principles set out in the prospectus published by Medivir on 18 January 2021. As confirmation of allotment of shares subscribed for without subscription rights, a contract note will be sent to investors on or around 9 February 2021. Subscribed and allotted shares must be paid in cash in accordance with the instructions in the contract note. Nominee-registered shareholders will receive notice of allotment in accordance with the procedures of the nominee. Only those who have been allotted shares will be notified.

Preliminary timetable

• 9 February 2021: Expected day for publication of the outcome of the Rights Issue

• 9 February 2021: Contract notes are sent out to investors that have subscribed without subscription rights
• 15 February 2021: Expected close of trading with paid subscribed shares ("BTA")
• Around 17 February 2021: The new shares from the Rights Issue are admitted to trading on Nasdaq Stockholm
• Around 18 February 2021: The new shares from the Over-allotment Option are admitted to trading on Nasdaq Stockholm
• Around 19 February 2021: Delivery of the new shares from the Rights Issue
• Around 22 February 2021: Delivery of the new shares from the Over-allotment Option

Advisors

ABG Sundal Collier is the financial advisor and Vinge is the legal advisor in connection with the transaction.

For additional information, please contact:

Yilmaz Mahshid, CEO Telephone: +46 8 5468 3100 E-mail: yilmaz.mahshid@medivir.com

Magnus Christensen, CFO Telephone: +46 8 5468 3100 E-mail: magnus.christensen@medivir.com

The information was submitted for publication, through the agency of the contact persons set out above, at 19.45 CET on 5 February 2021.

Medivir in brief

Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Medivir is focusing on the development of MIV-818, a pro-drug designed to selectively treat liver cancer cells and to minimize side effects. Collaborations and partnerships are important parts of Medivir's business model, and the drug development is conducted either by Medivir or in partnership. Birinapant, a SMAC mimetic, is exclusively outlicensed to IGM Biosciences (Nasdaq: IGMS) to be developed in combination with IGM-antibodies for the treatment of solid tumors. Medivir's share (ticker: MVIR) is listed on Nasdaq Stockholm's Small Cap list. www.medivir.com

Important information

Publication, release, or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where the press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in Medivir in any jurisdiction, either from Medivir or from anyone else.

This press release is not a prospectus according to the definition in Regulation (EU) 2017/2019 ("the Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. A prospectus has been prepared by the Company and approved by the Swedish Financial Supervisory Authority.

This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be

offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Hong Kong, Japan, Canada, New Zealand, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.

Forward- looking statements

This press release contains forward-looking statements related to the Company's intentions, estimates or expectations with regard to the Company's future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as "believes," "expects," "anticipates," "intends," "estimates," "will," "may," "implies," "should," "could" and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Nasdaq Stockholm's rules for issuers.

Potential investors should not put undue trust in the forward-looking statements herein, and potential investors are strongly recommended to read the sections in the prospectus that includes a more detailed description of the factors that can affect the Company's business and its associated market.