The European Investment Fund (EIF) has agreed to commit €26.7m to a new fund managed by Stockholm, Sweden-based Karolinska Development AB and used to invest in the company’s portfolio of early-stage pharmaceutical and medical technology companies.
Karolinska Development, whose mission is to turn top science from Sweden, Denmark, Norway and Finland’s universites into business, committed €9.4m bringing the total amount of the fund to €36.1m.
Investments will be made over a four year period and the fund will be used alongside Karolinska Development’s own investments in new projects, as well as for follow on investments in portfolio companies in the latter stages of clinical development.
Commenting on the launch of a new fund, Conny Bogentoft, CEO of Karolinska Development, said, “We are delighted to be able to establish this new co-investment fund with EIF.
“This fund, together with the new share issue, due to take place before the end of the year, will put Karolinska Development in excellent financial shape for the important opportunities ahead. We are now working hard to ensure successful commercial exits for several of our more mature projects”.