Protagen Sells Protein Services Business to German VC Firm
Protagen has divested its wholly owned subsidiary Protagen Protein Services to Zukunftsfond Heilbronn for an undisclosed price.
Protagen said this service arm of its business was spun out January 2012, and continued the business of its former operational division Protein Sciences. The company said Protagen Protein Services was profitable at the time of the sale, though the transaction will give the firm a financial boost to focus on developing diagnostics and other products.
“The sale of this profitable service business to a potent investor with complementary portfolio companies secures a sustainable growth for PPS, an internationally renowned specialist for protein characterization and biosimilar comparability,” Protagen CEO Stefan Müllner, Ph.D. “On the other hand, the capital injection generated by this transaction is a solid midterm financing opportunity for the Protagen strategy in the area of novel diagnostics, i.e. Dx and CDx [companion diagnostics], and enables to start the development of own products for this growing market immediately. With this step, Protagen positions itself as highly attractive target for new VC investors.”