EQT closes acquisition of LSP and introduces EQT Life Sciences
Following the signing of a definitive agreement as announced on 10 November 2021 to acquire LSP (the “Transaction”), EQT AB (“EQT”) is pleased to announce that the Transaction was completed on 28 February 2022. All necessary closing conditions, including regulatory, anti-trust and fund investor clearances, have been achieved.
At completion of the Transaction, René Kuijten, previously Managing Partner at LSP, is appointed Partner and Head of EQT Life Sciences, a newly formed business line within EQT’s Private Capital business segment.
The total consideration is EUR 475 million (which includes an earn-out payment of EUR 25 million, as the short-term fundraising targets for such earn-out have been met), and as partial payment of this total consideration, EQT has issued 7,548,384 shares to LSP’s selling shareholders, corresponding to a dilution of approximately 0.8 percent. EQT will have 993,828,524 ordinary shares issued and outstanding following the completion of the Transaction.
Per Franzén, Partner and Head of EQT Private Capital, said, “We are pleased to have closed the acquisition of LSP. Joining forces with LSP will further strengthen EQT’s industry leading position within healthcare and improve our ability to invest in and future-proof the most attractive companies in the healthcare sector. I am truly excited to welcome René Kuijten and his entire team to the EQT family.”
René Kuijten, Partner and Head of EQT Life Sciences, said, “On behalf of the entire LSP team, I want to express my excitement of joining EQT and forming EQT Life Sciences. Having access to the EQT platform’s fundraising capabilities, healthcare sector teams, and in-house expertise within digitalization and sustainability brings unique collaboration opportunities and is a win-win for all our stakeholders.”
On 11 February 2022, LSP announced that it had held the final close of its new flagship fund LSP 7 at EUR 1 billion, making it the largest life sciences venture capital fund ever raised in Europe to date. The fund aims to invest in companies developing new drug therapies and medical technologies, to help ensure that their scientific innovations benefit patients.
EQT Press Office, email@example.com, +46 8 506 55 334