A number of Swedish and international institutional and professional investors, including board member Anders Bladh’s related company, participated in the share issue. Through the share issue, KDventures receives approximately SEK 23.9 million before issue costs.
The core of the decision is the acquisition of Rosetta’s shares in KDev Investments AB. The previous ownership structure meant that Rosetta was entitled to all dividends from KDev Investments up to SEK 213 million and thereafter entitled to a portion of future dividends according to a step-up model. This structure limited KDventures’ direct financial exposure to the value development of the portfolio companies.
As the sole owner of KDev Investments, KDventures strengthens its position in several portfolio companies where it sees significant long-term potential. The transaction not only entails increased potential financial upside, but also a significantly more transparent and easy-to-understand structure for investors.
To enable the transaction, a directed share issue of approximately SEK 23.9 million before transaction costs was carried out to a number of Swedish and international institutional and professional investors. The choice of a directed issue, instead of a rights issue, was based on the need for speed, cost efficiency and the opportunity to broaden the shareholder base with institutional investors at the same time.
The issue proceeds were used to partly finance the initial purchase price of EUR 3.25 million for Rosetta’s shares in KDev Investment, which was paid in cash on completion on 17 June 2026. The transaction also includes a performance-based additional purchase price linked to future value outcomes in Dilafor, meaning that part of the payment is conditional on actual value realisation.
In parallel with the deal, KDventures has carried out an updated valuation of Dilafor based on an rNPV model. The adjustments reflect changed assumptions regarding risk, commercial potential and valuation discounts for an unlisted company in the development phase. According to the company, the changes are technical in nature and do not affect the long-term view of Dilafor’s potential.
After the transaction, the estimated portfolio value amounts to approximately SEK 599 million. The decrease compared with the previously communicated value is explained by the valuation adjustments carried out, rather than changes in the long-term potential of the underlying assets.
“This is an attractive transaction for KDventures and the company’s shareholders. The transaction simplifies the ownership structure, gives us direct exposure to a strong portfolio of companies and increases our exposure to Dilafor, who is preparing for phase 3 development together with a strong commercial partner. The revised valuation does not change our confidence in Dilafor’s potential,” says Viktor Drvota, CEO of KDventures.
Chairman of the Board Anders Hallberg emphasises that the deal reflects a clear direction going forward: combining value-creating transactions with financial discipline.
“The deal with Rosetta adds significant shareholder value and simplifies our structure substantially. In connection with the transaction, we have also ensured that our valuations rest on prudent assumptions. That is how we want to run the company going forward”, he says.
