Summa Equity Fund II has acquired a majority stake in Singapore proteomics company Sengenics, paving the exit of SBI Islamic Fund II (Brunei).
SBI Islamic Fund II (Brunei) divested its 12.93 per cent stake in Sengenics to Summa Equity last month, the fund said in an undated press release on its website.
SBI Islamic Fund II (Brunei) invested in Sengenics in 2016 – its earlier institutional investors included Insas Technology and Hanns Ventures, the fund said.
Proteomics is the large-scale study of proteins, and Sengenics produces full-length, correctly folded and functional proteins under its technology called KREX, the Summa Equity statement said. That technology improves studies of human biology and disease via protein expressions, it added.
“Sengenics’ proprietary technology unlocks tremendous potential for researchers around the world to further their understanding of biology and disease,” Tommi Unkuri, partner at Summa Equity, said in the statement. “We are proud to partner with the company and support its journey, as it looks to expand its position in the market and grow its business.
Sengenics is focusing on autoantibody detection for applications in autoimmune diseases, oncology and infectious diseases, including COVID-19, and has recently launched a COVID-19 test using the KREX technology, the statement said.
The Singapore company has commercial tie-ups with nine of the top 10 pharmaceutical companies for co-developing diagnostic tests for autoimmune and cancer immunotherapy drugs, the statement said.
Arif Anwar, CEO of Sengenics, said the deal with Summa was a “very strong strategic fit.”
“Summa also has a great deal of relevant knowledge and experience to be a value-added owner for us given its ownership of Olink Proteomics. This deal ensures a level of investment in our technology portfolio that will further advance Sengenics’ development and commercialisation initiatives,” Anwar said in the statement.
Olink Proteomics, based in Sweden, develops products for human protein biomarker discovery to help with research decisions and disease detection.
Sengenics raised a grant of undisclosed quantum from Cancer Research UK in 2019, according to Crunchbase data. The company has an estimated $1 million to $10 million in annual revenue, the data show.
SBI Islamic Fund II (Brunei), launched in 2016 with $60 million, had capital from Brunei’s Ministry of Finance, SBI Ventures Singpaore and the Islamic Development Bank of Jeddah.