3i Group, SEB Företagsinvest, Innovationskapital and Industrifonden, have signed an agreement to divest their 26 % stake in Swedish biotech company Arexis. The company has been sold to Biovitrum, one of Europe’s largest biotechnology firms. The sale price was undisclosed, but 3i is said to have achieved a healthy IRR on the investment.
Arexis received six rounds of financing in between 2001 and 2004 amounting to a total of around SEK80m (€8.5m). Arexis is a Swedish biotech company with an extensive portfolio of projects in, or near, clinical phase. The company is specialised in the development of pharmaceuticals for the treatment of metabolic and inflammatory diseases, e. g. lipid malabsorption, diabetes, atopic dermatitis (inflammatory skin disease) and rheumatoid arthritis. The company was founded in 1999 and is located in Gothenburg, Sweden.
Thomas Pollare, director, 3i Nordic and advisor to 3i Group said: “It has been a pleasure working with Arexis’ excellent management team to support the company’s development over the last four years. Since our first investment in 2001, the company has developed from research into a company with an attractive portfolio of clinical projects. In Biovitrum, Arexis has gained a strong industrial owner who will support and accelerate its future growth significantly.”
Advisors on the deal included ABG Sundahl Collier, Advokatfirman Lindahl, and Lindhs DLA Nordic. The parties have agreed not to disclose the financial terms of the deal.