SBL Buys Back its own Shares
Stockholm - SBL's executive management, in co-operation with venture capitalist 3i and the banking group SEB Företags-invest, have recently established a jointly owned company and acquired all shares in SBL Vaccin AB (SBL) from Chiron Vaccines, a business unit of the US-based Chiron Corporations Inc. SBL will be developed as an independent company under industry-neutral ownership. Financial details were not disclosed.
“It is incredibly exciting and a huge responsibility to take control of SBL's future development,” says Björn Sjöstrand, CEO of SBL, who worked with Mats Lidgard, executive vice president, as the driving force behind the management buy-out. “We believe SBL has significant potential for continued business expansion,” says Thomas Pollare, Investment Director of 3i Sweden. SBL develops, manufactures, markets and distributes vaccines. The company's products include Dukoral®, an oral vaccine against cholera which is also used to prevent travelers' diarrhoea. Dukoral has been sold in Sweden and Norway for years and was recently approved for sale in all EU countries.
“The reason that Chiron Vaccines is selling SBL is that its operations are not aligned with our strategic pursuits. SBL is a market leader in Sweden and its main co-operation partners are companies that compete with Chiron Vaccines,” explained John Lambert, President of Chiron Vaccines. Under terms of the agreement, the UK company will market Dukoral in some of the most important markets in Europe.