Viking Global Investors funds take up shares in Neuca pharma's subsidiary for USD 50 mln

Funds managed by Viking Global Investors have acquired new shares in Humaneva, a subsidiary of listed pharma company Neuca, for USD 50 million, Neuca said in a market filing.

Humaneva is the parent company for all of Neuca's clinical trial companies.

"For the purpose of executing the investment agreement, the valuation of Humaneva Inc together with its subsidiaries (the ‘Humaneva Group’) was set at USD 165 million (before adjustments for, among other things, net debt), resulting in the investors holding approximately 23 percent of Humaneva Inc. after taking up the new shares," the market filing said.

In addition, the investors were granted an option to subscribe for a new second issue of Humaneva shares worth USD 50 million within one year from the date of signing the investment agreement at a price equal to the price of the first issue of shares.

"The signed agreement supports the implementation of the multi-year strategy of the clinical trials area, which involves further consolidation of the clinical trials market worldwide and further expansion of the Humaneva group, particularly in the US market," the company reported.

pel/ han/