Karolinska Development has celebrated an exit as Umeå spinout Asarina Pharma went public in Sweden after raising $16.3m in its initial public offering.

Asarina Pharma, a Sweden-based biotechnology spinout of University of Umeå, floated on the Nasdaq First North stock exchange yesterday after raising more than Skr142m ($16.3m) in an initial public offering. The company issued 6.8 million shares priced at Skr21 each at a pre-money valuation of $19.6m. Proceeds could increase to $17.1m if underwriters exercise their…

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