Success in 50 markets
Supported by, among others, SEB Venture Capital, SBL Vaccines has succeeded in establishing itself as a leading Nordic vaccine company, which is now owned by the NASDAQ listed Crucell. With its flagship product, the Dukoral drinkable vaccine, the company has a presence in more than 50 markets worldwide.
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In 2004 SBL was a division within a major pharmaceutical company. The Parent company Chiron had made the decision that the division was not in line with the company’s core business strategy and was on the look out for a trade buyer. At the same time, the division had just launched Dukoral, a drinkable vaccine against cholera and upset stomachs. SEB Venture Capital was one of the investors who saw potential in Dukoral. Together with another venture capital company, 3i, it bought about 80 % of SBL Vaccines. “The investment decision was made largely for two reasons: The company had just developed Dukoral and we saw that the product had great potential. In addition, SBL already had an extensive distribution network in the Nordic region,” explains Jonas Nyman, Senior Investment Manager at SEB Venture Capital. The new owners appointed a new CFO, who was charged with reviewing the company’s financial structure and to keep a particular eye on spending. Production was increased and all efforts were focused on promoting Dukoral – which had not previously been marketed at all. The company now invested heavily in both Europe and Asia. Within six months the product was profitable. SBL Vaccines was soon one of the top players in the Nordic pharmaceutical market, with a market-leading product. In order to take the company to the next level it needed a larger company behind it. The solution proved to be a sale to the Dutch, NASDAQ listed biotechnology company Crucell, who bought the company in 2006. Jonas Nyman about the deal: “SBL Vaccines is today a leading Nordic vaccines company and a strong brand in the vaccine industry. Through Crucell, SBL gets access to Crucell’s global sales and marketing organisation, which means improved opportunities for SBL Vaccines to market Dukoral outside of the Nordic region.” At SBL Vaccines they were also satisfied with the development: “Behind SBL Vaccine’s transformation is not only the extensive restructuring of the business but above all strong growth in sales of Dukoral. We are very happy about the support we’ve had from SEB Venture Capital and 3i. They were instrumental in helping us to become a profitable and forward looking company,” said the company’s Managing Director Björn Sjöstrand in connection with the deal. |
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