London, UK, September 28th 2012 - At the annual Investor AllStars Awards cermony in London last night Incitia Ventures won the Exit of the Year Award for its work with Algeta. This is the first time a Nordic based venture capital firm wins this prestigious pan-European award.
The Investor AllStars Awards, known as the 'Oscars' of the European venture capital, are broadly regarded as the most prestigious distinctions of excellence within the European venture capital industry and has been given out 10 times. The award ceremony was held at Park Plaza Riverbank Hotel in London at an event attended by over 500 entrepreneurs, investors and corporate financiers.
Seven venture funds were shorlisted for the Exit of the Year Award. In selecting Incitia Ventures as the winner the judges stated: “After five years of hard craft and a number of brave rescue fundraisings from lead backer Incitia Ventures, Algeta was floated on Oslo’s stock exchange in 2007. The company’s work on treatments for late-stage prostate cancer has transformed it from a small local start-up to an international pharmaceutical company with a market capitalisation of over 650 million pounds.”
A pan-European based panel of judges were looking for evidence demonstrating the VC’s role in growing the business, the VC’s role in the exit strategy and executing the deal, the shareholder value created by the exit, the impact on the Founder shareholders and the positive impact on the wider community.
Responsible Incitia partner for the Algeta investment, Jens Petter Falck, states: “We are very proud to have played such an important role in the development of Algeta and for the recognition Incitia Ventures receives through this award. This demonstrates that early stage Nordic companies can develop into international champions through the supply of capital and competent ownership.”
Incitia Ventures invested in Algeta for the first time in 2002 and was lead investor until 2005 and co-lead from 2005 to 2008. In 2007 Algeta was listed on the Oslo Stock Exchange. In total Incitia invested NOK 33 million. Its entire shareholdings was sold in July 2011 after the completion of a successful phase III trial collecting total proceeds of 257 million. Today Algeta is recognized as a world leader within radio pharmaceuticals. The company has a highly international shareholding from US and Europe and is now actively followed with analyst coverage from many of the major international investment banks.