In a transaction worth more than £ 8 million, a University of Aberdeen medical spin-out has been bought by a Swedish rival.
Sirakoss, whose investors include Epidarex Capital and Scottish Investment Bank, was sold in cash plus royalties and milestone payments to the Swedish firm OssDsign for an initial $11 million (£8.4 million). Under the new owners, it is expected that the commercialisation of Sirakoss technology will begin “immediately.”
For its Osteo ZP Putty, a nanosynthetic bone graft replacement, Sirakoss recently earned marketing clearance in the U.S. Osteo ZP is based on research by Professor Iain Gibson, founder of the company, and is designed to provide an easy-to-use product for surgeons to fill voids in spinal bone grafts and trauma.
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Founded in 2011, Sirakoss closed its first Series A financing round in 2014. Epidarex, a transatlantic science investor based in Edinburgh, Scotland, led that and subsequent financings.
In so-called “emerging” life science hubs, Epidarex focuses on building companies. Epidarex led the £ 3.2 million funding round earlier this year to develop Macomics, an immune protection specialist based at the University of Edinburgh.
“We are proud to have been part of the Sirakoss success story and are pleased that Osteo ZP Putty, led by OssDsign, will be made available to surgeons and patients,” said Sinclair Dunlop, managing director of Epidarex.
“This is our second successful investment exit this quarter and underscores our strong track record of creating companies that have the potential to transform patients’ lives and deliver competitive investor returns.”