Active Biotech AB rose to its highest level in over five months in Stockholm after Investor AB acquired an 8 percent stake in the company, which focuses on treatments for autoimmune diseases and cancer.
Shares in Lund, Sweden-based Active Biotech rose as much as 8.1 percent to 52.75 kronor, the highest intraday level since Oct. 4. Active Biotech had gained 4.5 percent as of 10:21 a.m. in the Swedish capital, giving the company a market value of 3.52 billion kronor ($552 million).
Investor AB, the holding company of Sweden’s Wallenberg family, acquired 6 million new shares at a price of 45 kronor each, Active Biotech said today in a statement. The proceeds, about 270 million kronor after costs, will be used to strengthen the capital base and develop projects, including laquinimod for treatment of multiple sclerosis and TASQ, a prostate-cancer drug.
“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,” Chief Executive Officer Tomas Leanderson said in the statement. “A strong financial position is a prerequisite in order to succeed with this activity in an optimal way.”