3i acquires 10% of MDY through Santhera sale

3i's venture arm has sold its stake in Santhera Pharmaceuticals and acquired a 10.13% stake in London-based medical diagnostics products maker MDY Healthcare.

Santhera is a Swiss company listed on the SWX Exchange. The 49,362 ordinary shares were sold on 23 March at CHF 49.65 each, corresponding to a £1.5m deal.

Santhera was created in August 2004 when MyoContract AG and Graffinity Pharmaceuticals AG were merged.

Prior to Santhera's November 2007 listing, the target raised three rounds of funding from 3i, NGN Capital, NeoMed Management, BioMedinvest, Merlin Biosciences, Oxford Bioscience Partners, Carnegie Asset Management, the Novartis Venture Fund, Heidelberg Innovation, Varuma, GIMV, Dow Chemical and Technostart.

The last round prior to IPO raised EUR15m in October 2007.

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