Incitia partially exits Algeta – reaps 8x

The partial exit gives Algeta a total equity valuation of $1.4bn. Incitia made its first investment in the company in 2002. In 2005, Algeta raised an additional NOK 185m in a series-A financing round from a consortium of investors, including Incitia Ventures, HealthCap, Advent Venture Partners, SR One, NorgesInvestor, Marlin Verdi AS and several smaller investors. The company successfully completed an IPO in 2007 and is currently listed on the Oslo Stock Exchange.

Approximately NOK 245m was raised in a private placement of 22.3 million new shares priced at NOK 11 per share in 2009. The placement was led by investment group Abingworth and existing investor Incitia, among others, participated in the round. Since the initial investment, Incitia has supported the development of Algeta into an international pharmaceutical company. In June this year, the company announced a positive outcome of a phase III study for its lead product Alpharadin.

Algeta was founded in 1997 and focuses on developing novel targeted therapies for patients with cancer.

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• Topics
• Nordics
• Healthcare
• Exits
• Partial sale
• Norway