Intelligent Ultrasound secures cash offer from Surgical Science Sweden
Deal News | Dec 20, 2024 | Top Technology Ventures Ltd
IP Group plc, a UK-based early-stage science investor, has announced that two of its quoted life sciences portfolio companies, Intelligent Ultrasound Group plc and Abliva AB, have received attractive cash offers. Intelligent Ultrasound has an offer from Surgical Science Sweden AB valuing the business at approximately £45.2 million, translating to an £8.8 million cash return for IP Group, doubling its last reported value. Meanwhile, Abliva AB received a cash offer from Pharming Technologies BV, valuing it at approximately SEK 725.3 million (£52.4 million), netting a £5 million cash return for IP Group, reflecting a 1.5 times cost multiple. IP Group plans to use 20% of the proceeds to enhance its ongoing share buyback initiative, aligning with its capital allocation policy. These transactions underline the continuing appeal of IP Group’s life sciences investments, following the successful sale of Kynos Therapeutics.
Sectors
- Life Sciences
- Venture Capital
- Medical Technology
Geography
- United Kingdom – IP Group is based in the UK and is a significant player in the UK's venture capital and investment space.
- Sweden – Surgical Science Sweden AB, the acquirer of Intelligent Ultrasound Group, is based in Sweden.
- Netherlands – Pharming Technologies BV, the entity offering to acquire Abliva AB, is a Dutch company.
- Global – Reflects the international nature of the involved companies and IP Group’s global investment approach.
Industry
- Life Sciences – The sector involved due to the companies, Intelligent Ultrasound Group plc and Abliva AB, which are both focused on life sciences innovations.
- Venture Capital – The sector pertains to IP Group's role as an early-stage science investor providing capital to innovative companies.
- Medical Technology – Relevant due to Surgical Science Sweden AB's involvement with Intelligent Ultrasound Group, both operating within the medical technology sector.
Financials
- 45.2m – Valuation of Intelligent Ultrasound Group plc by Surgical Science Sweden AB.
- 8.8m – Expected cash return to IP Group from the sale of its stake in Intelligent Ultrasound Group.
- 52.4m – Valuation of Abliva AB by Pharming Technologies BV.
- 5m – Expected cash return to IP Group from the sale of its stake in Abliva AB.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IP Group plc | Selling Company | Company | A UK-based early-stage science investor with a large portfolio in life sciences, deeptech, and cleantech sectors. |
| Intelligent Ultrasound Group plc | Target Company | Company | A UK-based company specializing in ultrasound simulation and clinical ultrasound training solutions. |
| Surgical Science Sweden AB | Bidding Company | Company | A Swedish medical technology company, offering a cash bid for Intelligent Ultrasound Group. |
| Abliva AB | Target Company | Company | A biotech company focused on achieving breakthrough treatments for mitochondrial disease. |
| Pharming Technologies BV | Bidding Company | Company | A Netherlands-based company offering a cash bid for Abliva AB as part of its strategic acquisitions. |
| Greg Smith | Chief Executive of IP Group | People | Executive providing insights and strategic direction for IP Group. |