We have been mandated by the owners of a Swedish biotech company in connection with the evaluation of a potential sale of the Company. The company is focused on developing and manufacturing high-quality monoclonal antibodies, kits, and instruments for analyses of immune responses and the immune system in e.g. infectious diseases, cancer, allergy, transplantations, vaccines. The products are mainly sold for research, but are also sold to diagnostic companies. The company is experiencing rapid growth and strong profitability. During the 12 months to June 2019 the company recorded sales of ca €12m (36% growth) and EBITDA margin in excess of 45%.
We ran a focused but highly competitive process focusing on potential PE buyers with experience / knowledge in the Life Science sector and select industrial buyers. Interest from PE buyers was clearly stronger. We focused on early pre-marketing meetings with potential buyers to describe the company and opportunity. We got 5 potential buyers to complete their commmercial due diligence even before indicative offers, which made us comfortable about the level of commitment to the deal. We ran the key negotiation about valuation around the time of indicative offers and got most of the serious bidders to increase their offers. We decided to move forward with only two potential buyers in a DD phase in order to be able to run a focused on quick process. We managed to sign the deal with a local Swedish PE house in less than 3 weeks after indicative offers. No conditions to closing – closing will take place on Dec 12.
