PE-backed Wilson Therapeutics in SEK 7.1bn trade sale

Nicole Tovstiga
12 April 2018

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Stockholm-listed biopharmaceutical company Wilson Therapeutics, backed by a consortium of private equity investors including HealthCap, has been sold to US-based pharmaceutical company Alexion Pharmaceuticals.

Alexion announced a public cash offer to acquire Wilson for SEK 232 per share, which was unanimously recommended for acceptance by Wilson's board of directors.

Total equity value of the transaction amounts to SEK 7.1bn ($855m), based on outstanding shares on a fully diluted basis.

The largest shareholders in Wilson Therapeutics include HealthCap, Abingworth Bioventures, MVM Partners and NeoMed Management, which together own a total 57.4% stake.

The acceptance period has been set between 25 April-23 May 2018, subject to extensions.

Previous funding
HealthCap invested in the developer of drugs for Wilson's disease in July 2012.

Abingworth and MVM Life Science Partners co-led a $40m series-B funding round for Wilson in April 2014. The two lead investors were new backers of the company and were joined in the funding round by historic investor HealthCap. The substantial capital injection supported the clinical development of WTX101, which is a de-coppering agent being developed as a treatment for Wilson's disease.

Wilson announced its initial public offering on Nasdaq Stockholm in April 2016 and its first day of trading took place on 12 May 2016.

Company
Founded in 2012, Wilson is headquartered in Stockholm with a US office located in Urbana, Illinois. The company develops therapies for the treatment of Wilson's disease, a rare genetic disorder that prevents the body from regulating copper, therefore causing an overload of copper in the liver, brain and other tissues. It can lead to serious liver and brain damage and is fatal if left undiagnosed or untreated. According to Wilson, the disease affects one in every 15,000 people worldwide.

People
Alexion Pharmaceuticals –David Brennan (CEO).
Wilson Therapeutics – Jonas Hansson (CEO).

Advisers
Acquirer – Bank of America Merrill Lynch (M&A); Deutsche Bank (M&A); Advokatfirman Cederquist (legal); Ropes & Gray (legal).
Company – Lazard (financial due diligence); Vinge (legal).