STOCKHOLM - March 27, 2015. Karolinska Development AB (STO: KDEV) today announces that it has sold its shares in Axelar AB to The Foundation for Baltic and East European Studies (Östersjöstiftelsen). The agreement is in line with Karolinska Development’s new strategy to focus on the companies in the strategic portfolio.
“Karolinska Development’s new strategy includes focusing on our strategic portfolio, an increased emphasis on leadership within our portfolio companies, proactively syndicating our investments with international co-investors and an investment strategy based on each portfolio company’s unique possibility to generate attractive returns. The divestment of Axelar enables a redistribution of resources to our core strategic portfolio, thereby building long term value for our shareholders”, says Jim Van heusden, CEO of Karolinska Development.
As part of the agreement, KDev Investments, a holding company jointly owned by Karolinska Development and Rosetta Capital Limited, will transfer its shareholding in Axelar to Östersjöstiftelsen for an undisclosed up-front payment and earn-out payments. The sale has a marginal positive impact on the last published equity of Karolinska Development.
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
About Karolinska Development AB
Karolinska Development aims to create value for patients, researchers, investors and society by developing innovations from world class science into differentiated products that can be partnered. The business model is to: SELECT the most commercially attractive medical innovations that can potentially satisfy unmet medical needs; DEVELOP innovations to the stage where the greatest return on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products. An exclusive deal flow agreement with Karolinska Institutet Innovations AB, along with other cooperation agreements with leading universities, delivers a continuous flow of innovations. For more information, please visit www.karolinskadevelopment.com.
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