The gains came against a backdrop of falling net profits and cash reserves that will test Karolinska Development as it looks ahead to convertible debt obligations.

Karolinska Development, the investment arm of Karolinska Institute, witnessed a one-third annual increase in its portfolio value to SKr952m ($107.3m at December 31) in 2018 as it contemplated mixed operational fortunes at its biotech holdings. Karolinska Development’s net profit fell year-on-year in both annual terms and during the fourth quarter, sliding by 83% and 53.4%…

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