Karolinska Development has said that a syndicate led by Rosetta Capital will acquire a minority share in Karolinska's holdings in 13 of its 25 portfolio companies for SEK 220m($33.5m).
As part of the transaction, the company will transfer 13 of its portfolio company holdings to a new private holding company, KDev Investments, which will include portfolio of both early and clinical stage pharmaceutical assets as well as some technology assets.
Under the acquisition, Rosetta will acquire 7.33% of the common shares and preference shares in KDev Investments for SEK 110m ($16.5m) and an additional SEK 110m($16.5m) respectively.
Karolinska Development CEO Torbj?rn Bjerke said, ''Our financial position is significantly strengthened and this will enhance our ability to build further value in both KDev Investments as well as the rest of our portfolio, by taking products onwards to the point where we can secure partnerships with pharmaceutical companies as well as trade sales of portfolio companies.''
Rosetta Capital chairman Donald Macpherson said, "We look forward to significant investment returns for all stakeholders, and the development of new and innovative medical treatments for the benefit of society as a whole."
Following the transaction, Karolinska Development's cash and short-term investments will value nearly SEK 500m ($76m).
