SWEDEN - Priveq and Investor in SEK 3.5bn Orphan exit

Biovitrum and Swedish Orphan will form a new company, Swedish Orphan Biovitrum, with a combined estimated revenues of around SEK 2bn and and EBITDA margin of 15%. The consideration is paid in Biovitrum shares (48%) and cash (52%). 67% of listed Biovitrum's shareholders have said they support the transaction.

The two investors hold a 42% stake in the business each, with the balance held by management. Priveq, then Skandia Investment, and Investor Growth Capital acquired Swedish Orphan in 2004, in a deal underwritten by Kaupthing Bank. In September this year, unquote" reported that Priveq and Investinor were preparing to offload Orphan, inviting bidders for a second round of the sale process.

Founded in 1988 by Lars-Uno Larsson, Swedish Orphan International develops products the treatment of rare or life-threatening disorders, where current treatment is either unavailable or unsatisfactory. The company also seeks in-licensing opportunities from academic institutions and international pharmaceutical and biotechnology companies.

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