IK readies Swedish biotech group Mabtech for exit

The sale process is in the early stages, with pitches for mandates having taken place in December, one of the sources said.

The sellside is considering running the process as a dual-track for a potential sale or listing, with Carnegie thought to be close to the potential IPO dossier, the same source said.

Mabtech generates approximately EUR 15m EBITDA, one of the sources said. It reported SEK 35m (EUR 3.45m) EBITDA in FY18, the year before IK’s investment in it.

Given its strong growth and good margins, the is expected to attract strong interest from both strategic and sponsor buyers, two of the sources said.

IK acquired a majority stake in Mabtech in November 2019, with France-based Merieux Equity Partners acquiring a minority stake as part of the transaction. The company’s founders and management team also retained a minority stake. Financial terms of the transaction were not disclosed.

Founded in Sweden in 1986, Mabtech develops immunoassays for life-science research. It provides the scientific community with tools for assays such as ELISpot, FluoroSpot, and ELISA, developing and producing a range of monoclonal antibodies, kits, peptide pools, and instruments for in vitro applications, as per its website. The company is headquartered in Nacka Strand.

Jefferies declined to comment. IK Partners, Mabtech, Carnegie and Merieux Equity Partners did not respond to requests for comment.

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