06 May 2008   |   News

AstraZeneca spin-out raises total €25M

Investment round closed

Swedish biotech company Alberio, which spun out of AstraZeneca in February this year, has announced of second closing of Series A financing, brining the total equity for the round to €25 million.

The Series A financing was lead by Nomura Phase4 Ventures with the first closing including TVM Capital and SWIP. The capital increase in the second closing was subscribed for by TPG Growth, part of the global investment firm TPG.

Alberio specialises in gastrointestinal disease, and says the additional money will be used to develop the Gothenburg-based company’s clinical and preclinical gastrointestinal pipeline.

"With the pipeline inherited from AstraZeneca, a strong balance sheet and core R&D expertise, Albireo has the potential to become a leading player in the development of new medicines for the gastrointestinal field," said Heather Preston, Managing Director, TPG Growth.

“We are delighted to add TPG Growth as a new investor,” said David Chiswell, Albireo’s Executive Chairman. “This builds on the strong investor base we established at the first closing. I am very pleased to welcome Dr Preston to Albireo’s Board of Directors.”

Never miss an update from Science|Business:   Newsletter sign-up