Karolinska Development to Divest Portfolio Company
STOCKHOLM, June 29, 2010 /PRNewswire/ -- Today, Karolinska Development has divested Cogmed, one of Karolinska Development's portfolio companies, to Pearson where it will become part of Pearson's Clinical Assessment business. Karolinska Development and other owners will receive an up front payment, as well as tiered royalties up to double digit levels until June 2012 on Cogmed sales. Karolinska Development holds 51.83 percent of Cogmed. Pearson will take possession on June 29, 2010.
The financial details of the acquisition have not been disclosed.
Redwood Capital Group acted as exclusive financial advisor to Cogmed in connection with the transaction.
TO THE EDITORS
About Karolinska Development
Karolinska Development manages one of the largest portfolios of life science companies in Europe. Using a unique, highly cost efficient business model, the management team guides the commercialization of world class life science innovations, helping to shape the next generation Pharma industry. Since 2003, Karolinska Development has built a portfolio of some 40 companies; among the company's projects 12 compounds are undergoing clinical trials. The portfolio contains a total of 21 potential first-in-class products. http://www.karolinskadevelopment.com
Cogmed was founded in 2001. The company provides scientifically developed and clinically validated software based working memory training products for people with attention deficits. Further, Cogmed supports Swedish and international research within working memory training.http://www.cogmed.com
About Pearson Clinical Assessment
About Redwood Capital
Redwood Capital Group is an investment banking firm serving the technology, communications and media & business services industries. The firm focuses on mergers & acquisitions, debt and equity financings, and financial advisory services for its clients worldwide. http://www.redcapgroup.com
For further information, please contact: Conny Bogentoft, CEO Karolinska Development Tel: +46(0)706-88-61-43, e-mail: firstname.lastname@example.org
SOURCE Karolinska Development AB