Karolinska Development exits XSpray Microparticles

The transaction includes an earn-out agreement that has "potential significant future value" for Karolinska, according to Jim Van Heusden, CEO of the VC.

The exit is the third for Karolinska in 2015, and the third for new CEO Van Heusden, who joined the company in March from Dutch private equity and venture house Gimv. Likewise, the divestment is the third time Karolinska has sold a portfolio company to a consortium led by Östersjöstiftelsen.

The GP has yet to make a new investment this year.

The deal sees Karolinska and co-investor KCIF Co-Investment Fund – a joint holding vehicle between the EIF and Karolinska Development – transfer their entire shareholdings to the acquiring consortium.

XSpray's new owners will invest SEK 18m in the company to fund further clinical development of its XS004 compound.

Company
XSpray is a Swedish pharmaceutical company focusing on drug delivery products, headquartered in Stockholm.

The company was founded in 2003 as CENS Delivery, changing its name to XSpray in 2007.

People
Jim Van Heusden is the CEO of Karolinska.

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