KKR has agreed to divest its 10% minority holding in Nordic Bioscience, selling the stake back to the company's founder and controlling shareholder, Claus Christiansen, the firms announced on Thursday.
The private equity firm originally became a minority investor in the biomarker specialist in 2021 through its Health Care Strategic Growth strategy. That investment was intended to help Nordic Bioscience scale its biomarker capabilities and fortify its presence across R&D services, clinical diagnostics and drug development.
In commenting on the transaction, KKR partner and head of both its European Healthcare Private Equity and Healthcare Strategic Growth teams, Kugan Sathiyanandarajah, highlighted the collaborative nature of the relationship over the past five years:
"We have been proud to collaborate with Claus, Morten and the Nordic Bioscience team over the past five years. During that time, the company further strengthened its position as a leading biomarker business, building on its differentiated expertise in the extracellular matrix and expanding its capabilities across R&D services, clinical diagnostics and drug development."
As part of the deal mechanics, Sathiyanandarajah will remain a member of Nordic Bioscience's Board of Directors until the next ordinary general meeting. The firm said that current chair Håkan Björklund has chosen to step down from the board in connection with the transaction, and that Christiansen will assume the role of chair.
Claus Christiansen outlined his view of KKR's contribution since the 2021 investment, noting growth in the business during their partnership:
"KKR has been a valued strategic partner to Nordic Bioscience, and we are grateful for their support and expertise they have brought to the company since 2021. Over this period, we have doubled revenue and become even more profitable, while continuing to strengthen our position in biomarker development."
The transaction returns full control of the 10% stake to the founder while leaving KKR represented on the board until the next shareholder meeting. The announcement frames the move as a planned change in ownership structure following a multi-year collaboration that the firms say supported Nordic Bioscience's product and service expansion within biomarkers and related diagnostic and development services.
Contextual summary
KKR's sale of its minority stake back to the founder concludes a five-year period of partnership that the parties characterize as one of accelerated revenue growth and improved profitability for Nordic Bioscience. Board-level adjustments accompany the transfer of the stake, with KKR maintaining interim board representation and the founder taking on the chair role.