JERUSALEM, June 18, 2012 /PRNewswire/ -- Hadasit Bio-Holdings ("HBL") (TASE: HDST, OTC: HADSY) a publicly traded portfolio of biotech companies, based on intellectual property developed and owned by the Hadassah University Hospital, Israel's foremost medical research center, today announced that KAHR Medical Ltd. ("KAHR"), a portfolio company in which HBL and Sanofi (NYSE: SNY) hold approximately 70% and 20% respectively, will raise $2.6 million at a pre-investment valuation of $11 million.
Thomas Eldered, co-owner of Recipharm (www.recipharm.com), one of the largest pharmaceutical Contract Development and Manufacturing Organizations (CDMO) in Europe, will invest $2 million and hold approximately 15% of the company. Sanofi, the third largest pharmaceutical company in the world, will maintain its current holdings with an investment of $500,000. HBL will invest an additional $100,000 and reduce its holding in the company to approximately 55%.
Ophir Shahaf, CEO of HBL, commented on the investment round, "This investment is another significant achievement following a string of strategic agreements that we have recently closed in our portfolio companies. Forming synergistic collaborations with our partners is a major part of our strategy, and the pre-investment valuations of our recent deals reflect the recognition of value that global pharmaceutical companies give to our portfolio companies. Additional developments - clinical, scientific and strategic - are in progress and are expected to materialize in the coming months, creating substantial value for our shareholders."
Dr. Noam Shani, CEO of KAHR, stated, "We are proud of this investment agreement. I am convinced that the partnership with Mr. Eldered, co-founder and CEO of one of the leading pharmaceutical CDMOs in Europe, will bring significant benefits to KAHR. Additi
|SOURCE Hadasit Bio-Holdings|
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