InnovationsKapital exits Cellartis

Cellectis will acquire 100% of Cellartis in exchange for €16.4m in cash and 1.93 million shares, which brings the total value of the deal to around €30m. InnovationsKapital has received an amount of Cellectis shares, proportional to its initial investment, and believes Cellectis will be able to continue supporting Cellartis' growth.

Previous funding
A Biofund-led financing round secured €8m for Cellartis in December 2005. InnovationsKapital, Biofund and Catella were the three largest shareholders following the funding round.

InnovationsKapital has held a stake in Cellartis since its inception in 2001, when the company, then known as Cell Therapeutics Scandinavia, received a SEK 8m investment from the fund. In addition to funding, InnovationsKapital has supported Cellartis with management and staff.

Company
Cellartis provides stem cell derived products and technologies in the field of regenerative medicine. It currently operates in Gothenburg, Sweden – where it was founded in 2001 as a university spin-off – and Dundee, Scotland. The company employs around 60 staff.

People
Gunnar Fernström, chairman of the board, worked on the deal for InnovationsKapital. Dr Johan Hyllner is the CEO of Cellartis.

Advisers
Vendor – Danske Bank, Niels Jørgen Larsen (Corporate finance); Vinge, Anders Strid (Legal).

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• InnovationsKapital Management - Gothenburg