From IPO to current accounting for pharmaceutical company Egetis Therapeutics
From IPO to ongoing accounting for pharmaceutical company Egetis Therapeutics
An IPO requires extensive work on financial planning and regulations. If you work alone in the finance function, it becomes particularly clear how important it is to have professional advice and the right structures along the way. Yilmaz Mashid, CFO at Egetis Therapeutics, talks about how Accountor has made his work easier from the start - and what was crucial when choosing an accounting partner.
Egetis Therapeutics AB is a pharmaceutical company specializing in the development and commercialization of treatments for rare diseases. CFO Yilmaz Mashid has worked at the company since 2017, when it was known as PledPharma AB. When the company was about to go public, he already had his sights set on bringing in help to comply with all the rules around financial reporting and internal controls, and to set up a functioning structure for bookkeeping and accounting going forward. The choice of accounting partner was easy, as acquaintances of Yilmaz, who are active in similar companies, recommended Accountor.
"We had a need to comply with regulations and laws, and needed a partner who could handle everything properly, not least in terms of what the stock exchange considers important. It was also necessary for it to be completely person-independent. As I was completely alone in my role, it was therefore an obvious choice to get help to meet the requirements," Yilmaz explains.
Rapid growth requires full control on multiple levels
The partnership began in 2019 when Yilmaz, together with Accountor, started the processes required for the company's further development. In 2020, PledPharma acquired Rare Thyroid Therapeutics and formed the joint orphan drug company Egetis Therapeutics. Since then, the company has grown significantly, and Accountor has helped set up separate accounting and financial management for newly acquired subsidiaries and projects for Egetis Therapeutics.
"We have grown enormously in the last two years with several large projects and an increased number of employees, which means we have to keep track so that staff time is allocated to the right projects. We also use Accountor's HR function for payroll, and so on, so we have benefited greatly from them," says Yilmaz.
An accounting partner perfect for biotech companies
As CFO of a specialized pharmaceutical company, also known as biotech, Yilmaz is particularly pleased with the choice of his specific accounting and bookkeeping partner. Back in 2017, Accountor had a reputation for knowing biotech, having received recommendations from other companies in the industry. Today, Yilmaz has carried that reputation forward.
"I have actually already recommended Accountor to another company that was going public. They are used to the biotech sector, and now they are even more established in the field than when we went public. Every company is structured differently, and Accountor has a good understanding of the structure of this particular industry, with an internal team that knows what the biotech requirements are. Simply put, Accountor has us covered!" concludes Yilmaz Mashid.
