Active Biotech AB's share values rose to its highest levels after an 8% stake in the company was purchased by AB. The focus of Active Biotech business is on treatments for autoimmune diseases as well as cancer.
The share values for Active Biotech were at 52.75 kronor, which is a 4.5% increase in its share values and translates to a company market value of 3.52 billion kronor or US$552 million.
Investor AB is Sweden's Wallenberg family holdings company, who acquired 6 million new shares priced at 45 kronor per share. The proceeds of the sale is 270 million kronor after costs would be used to broaden its capital base and develop new projects such as laquinimod treatment for multiple sclerosis as well as TASQ, a prostate cancer treatment drug.
According to Active Biotech's CEO Tomas Leanderson, "Active Biotech's portfolio has now matured and accordingly our focus over the next 18 month period will be on finding suitable partners and partnering structures for each project."
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