BRIEF—Karolinska Development sells its stake in Pharmanest

Sweden’s Karolinska Development has sold its entire ownership in the portfolio company Pharmanest AB.

KCIF Co-investment Fund KB - a holding company jointly owned by the European Investment Fund and Karolinska Development - also sells its ownership interests.

In total, the divestment brings in around 23 million Swedish kronor ($2.4 million) to Karolinska Development.

Pharmanest and its US subsidiary, Palette Life Sciences, market products in the fields of urology and urogynological diseases, colorectal disorders, radiotherapy and invasive oncological procedures.

The holding in Pharmanest has been one of Karolinska Development's passive investments.

The Pharmanest shares received as earn out payment in 2017 and that are now being divested have generated a good return and the liquidity from the divestment is now strengthening our cash position," says Viktor Drvota, chief executive, Karolinska Development.

Prior to the transaction, Karolinska Development's ownership in Pharmanest amounted to 10.3%, including the indirect ownership through KCIF.