News Archive
07.July 2011
Incitia Ventures partly exits Algeta at an 8x multiple

Oslo, Norway, July 7th - Incitia Ventures today announced that it has partly exited its investment in Algeta ASA (OSE: ALGETA) by selling 50% of its shareholdings at a total Algeta equity valuation of US$ 1,4 billion. The transaction realizes a profit of NOK 112 million representing an 8x multiple for Incitia Ventures. Before the transaction Incitia Ventures was the third largest shareholder in Algeta ASA. 

Incitia Ventures has through their first fund Selvaag Venture Capital been investor in Algeta since 2002 and was for many years the sole leading venture capital investor in the company. In 2003 Algeta engaged on a strategy with the aim of developing Algeta into a vertically integrated pharmaceutical company developing novel therapies against cancer based on its alpha-emitting radio-pharmaceutical platform. Building of an international board was initiated in 2004; equity from international life science funds was raised first time in 2005. The company went public in 2007. In 2009 Algeta closed a USD 800 million partner agreement with Bayer Schering Pharma AG. In June this year Algeta announced a positive outcome for the pivotal phase III study for its lead product Alpharadin.

Dr Jens Petter Falck, partner in Incitia Ventures and former long time board member in Algeta, said: “Developing Algeta into the international pharmaceutical company it is today is the result of many years of hard and focused efforts from founders, management and venture capital investors. For a venture capitalist this is what we all dream about and we in Incitia are very proud of having been such an integral part of this team effort. By selling 50 % of our shareholdings after the company has achieved a successful phase III trial, we secure a highly satisfactory profit for our very patient investor while being solidly positioned for the expected value creation yet to come”.