Karolinska Development AB Notes Oncopeptides' Successful Listing On Nasdaq Stockholm - Company's Earn-Out Has A Current Market Value Of SEK 26.7 Million
STOCKHOLM - February 24, 2017. Karolinska Development AB (Nasdaq Stockholm: KDEV) notes the successful initial public offering ("IPO") of Oncopeptides AB on Nasdaq Stockholm. Karolinska Development has a 5% earn-out agreement for Oncopeptides with Industrifonden that has a current market value of SEK 26.7 million based on Oncopeptide's market capitalisation at listing on February 22.
Oncopeptides AB is a clinical development stage pharmaceutical company developing drugs for treatment of cancer and a former Karolinska Development portfolio company in which Karolinska Development retains an economic interest.
In 2012, Karolinska Development exchanged its holding of shares in Oncopeptides for Industrifonden's holding of shares in Aprea. The transaction also included a provision that would give Karolinska Development a 5% share of any revenue Industrifonden receives from its holdings of Oncopeptides up to a maximum of SEK 80 million. The 5% share represents a market value of SEK 26.7 million based on Oncopeptide's market capitalisation at listing on February 22. The transaction also allowed for a similar provision for Industrifonden which will receive a 5% share of any revenue Karolinska Development receives from its holding of Aprea up to a maximum of SEK 80 million.
Jim Van heusden, CEO of Karolinska Development, said: "We congratulate Oncopeptides for completing its IPO successfully and wish management every success as it begins its life as a public company. From Karolinska Development's perspective, this milestone provides a clear indication of the value potential that the company has retained in companies that were formerly part of its portfolio through earn-out agreements, and which are making important progress with the support of their new owners, investors and shareholders."
For further information, please contact:
Jim Van heusden, CEO, Karolinska Development AB
Phone: +46 72 858 32 09, e-mail: jim.van.heusden@karolinskadevelopment.com
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: christian.tange@karolinskadevelopment.com
David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk
Oncopeptides AB is a clinical development stage pharmaceutical company developing drugs for treatment of cancer and a former Karolinska Development portfolio company in which Karolinska Development retains an economic interest.
In 2012, Karolinska Development exchanged its holding of shares in Oncopeptides for Industrifonden's holding of shares in Aprea. The transaction also included a provision that would give Karolinska Development a 5% share of any revenue Industrifonden receives from its holdings of Oncopeptides up to a maximum of SEK 80 million. The 5% share represents a market value of SEK 26.7 million based on Oncopeptide's market capitalisation at listing on February 22. The transaction also allowed for a similar provision for Industrifonden which will receive a 5% share of any revenue Karolinska Development receives from its holding of Aprea up to a maximum of SEK 80 million.
Jim Van heusden, CEO of Karolinska Development, said: "We congratulate Oncopeptides for completing its IPO successfully and wish management every success as it begins its life as a public company. From Karolinska Development's perspective, this milestone provides a clear indication of the value potential that the company has retained in companies that were formerly part of its portfolio through earn-out agreements, and which are making important progress with the support of their new owners, investors and shareholders."
For further information, please contact:
Jim Van heusden, CEO, Karolinska Development AB
Phone: +46 72 858 32 09, e-mail: jim.van.heusden@karolinskadevelopment.com
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: christian.tange@karolinskadevelopment.com
David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk