Albireo has closed its Series A round at $40 million. The company was recently formed as a spinout of AstraZeneca's Swedish gastrointestinal research unit, and announced a $27 million first close from Nomura Phase4 Ventures, TVM Capital and Scottish Widows Investment Partnership. The expansion was provided by TPG Growth.
Albireo, a recent spinout from AstraZeneca focused on gastrointestinal diseases, today announced a second closing of its Series A financing.
The capital increase was subscribed for by TPG Growth, the investment platform for the early stage and growth investments of TPG, a leading private equity firm that has more than $50 billion of assets under management. This addition increases the total equity for the round to EUR25 million (USD $40 million) which will be used to develop the company's clinical and preclinical gastrointestinal pipeline.
The Series A financing was lead by Nomura Phase4 Ventures with the first closing including TVM Capital and SWIP.
“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.”
Albireo is a Swedish biotechnology company with broad experience in the GI area and a pipeline of programmes for underserved markets. Spun off from AstraZeneca in February 2008, the Albireo team has extensive links to industry and academia, as well as key scientific and clinical communities. Albireo is focused on developing novel therapies that address unmet medical needs in the GI area. Albireo is based in Gothenburg, Sweden. For more information please visit http://www.albireopharma.com
About TPG Growth
TPG Growth is the venture, growth and smaller buyout investment platform of TPG, the global private investment firm. With more than $2.5 billion under management, TPG Growth targets investments in technology, life science, biotechnology, renewables, and consumer companies utilizing venture capital, growth equity, public equity and leveraged buyout structures. The firm is backed by the resources of TPG with more than $50 billion of assets under management. TPG Growth has offices in the US, China and India. Please visit http://www.tpg.com