Athgene (Denmark) was sold to Nordic Laboratories (Denmark).
Athgene was a pioneer in DNA testing technology, with a number of unique components as well as significant buy-in from strategic partners.
At the same time the use of DNA mapping as a way to decode the individual needs, strengths and weaknesses in relation to fitness, handling of health issues, etc. is in its infancy. Hence the hunt for a strong and profitable business model is tough.
Athgene came to Gemstone at a time where the company needed to either get further funding from private sources, go IPO or exit to an industrial buyer.
Several options were investigated and in the end, it was decided to pursue an industrial sale of Athgene. As a result the company was sold to Nordic Laboratories.
Yusufa Sey, the found and CEO of Athgene commented:“It was great to work with Gemstone Capital. Quickly, they got their heads and arms around the situation, including the challenges and opportunities at hand. We considered an IPO and were introduced to specialists and investors. In parallel, we worked intensively on our strategic options with Gemstone as a strong source of inspiration and competence. I enjoyed the process and would recommend Gemstone to anyone in need of more than just the transaction”.