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Karolinska Development AB Establishes New Private Holding Company; Syndicate Led by Rosetta Capital Limited Acquires Stake in New Subsidiary

Friday, 21 Dec 2012 01:30am EST 

Karolinska Development AB announced that a syndicate led by the life science investor Rosetta Capital Limited (Rosetta) is to acquire a minority share in Karolinska Development’s holdings in 13 of its 25 portfolio companies for SEK 220 million. For the purpose of the transaction, Karolinska Development will transfer 13 of its portfolio company holdings to a new private holding company (KDev Investments AB). The KDev Investments portfolio will include both early and clinical stage pharmaceutical assets as well as some technology assets. Rosetta will acquire 7.33% of the common shares in KDev Investments AB for SEK 110 million and preference shares in KDev Investments AB for a further SEK 110 million. The terms of the preference shares provide for gradually reducing returns for Rosetta, limiting Rosetta’s upside in return for partial protection of its downside. The consideration to be paid by Rosetta implies a total value of the KDev Investments portfolio of approximately SEK 1,500 million, about two times Karolinska Development’s investment in the same portfolio and a 23% premium to the reported fair value. After the transaction, Karolinska Development’s cash and short-term investments will be approximately SEK 500 million. 

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