Summa Equity acquires majority stake in SG-based biotech firm Sengenics

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.