NewAmsterdam Pharma transforms finance function

Since 2020, NewAmsterdam Pharma (NAP) has been developing a medicine for high cholesterol. To further develop this medicine and launch it globally, NAP needed additional financing. This ultimately led to a successful listing on the Nasdaq in late 2022, with NAP receiving support from PwC in preparing for and dealing with the consequences of this IPO.

This support included the end-to-end implementation of the Microsoft Dynamics 365 Business Central ERP system. As a result of the IPO and in anticipation of the medicine launch, NAP needed a new, efficient, and SOx-compliant financial system. Currently, PwC is helping to further optimize processes at NAP through the use of technology and advising on complex accounting issues.

Louise Kooij, Chief Accounting Officer at NAP, said: "We had little time to prepare for the IPO and comply with Nasdaq rules. It was clear that we would need additional capabilities and expertise for this. I had every confidence that PwC has these capabilities and expertise, and we also had a good connection. From the very beginning of our collaboration, PwC has brought value to our organization. The successful and extremely fast implementation of the ERP system is a good example of this."

From the software selection process conducted by NAP and PwC, Microsoft's Dynamics 365 Business Central was found to be the most ideal ERP solution for NAP. "In general, my vision is the simpler, the better. That's why we chose a system that can help us efficiently and effectively support our processes for internal and external financial reporting, both now and in the future."

For NAP, it was also important to comply with all relevant laws and regulations due to the listing on the Nasdaq. "The system helps us, for example, to be SOx-compliant, which is one of the important reasons for choosing this system," says Louise.

The development of the cholesterol lowering medicine is currently in "phase three." "This means it is the final phase of research. After that, we can seek approval from the EMA (European Medicines Agency) and the FDA (Food and Drug Administration). The expectation is that the results will be available within two to three years, and after approval from the EMA and FDA, we can launch the medicine in Europe and America."

NewAmsterdam Pharma (NAP) is a late-stage biopharmaceutical company. NAP's mission is to improve patient care in populations with metabolic diseases where currently approved therapies are inadequate or not well tolerated. The company aims to meet a significant need for a safe, well-tolerated, and easy-to-use cholesterol lowering therapy.