A medical spin-out from the University of Aberdeen has been acquired by a Swedish rival in a deal worth more than £8 million. 

Sirakoss, whose backers include Epidarex Capital and the Scottish Investment Bank, has been sold to Sweden’s OssDsign for an initial $11m (£8.4m) in cash plus royalty and milestone payments. Under its new owners, commercialisation of the Sirakoss technology is expected to begin “immediately”. 

Sirakoss recently received marketing clearance in the US for its Osteo ZP Putty, a nanosynthetic bone graft substitute. Based on the research of the company’s founder, professor Iain Gibson, Osteo ZP is designed to provide surgeons with an easy-to-use product for filling voids during spine and trauma bone grafting procedures.

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Set up in 2011, Sirakoss completed its first Series A funding round in 2014. That and subsequent financings were led by Epidarex, a transatlantic scientific investor with Scottish headquarters in Edinburgh. 

Epidarex focuses on building companies in what it describes as “emerging” life sciences hubs. Earlier this year, it led on the £3.2m seed funding round to launch Macomics, a specialist in immune defence out of the University of Edinburgh. 

“We are proud to have been part of the Sirakoss success story and are excited that under the ownership of OssDsign, Osteo ZP Putty will be made available to surgeons and patients,” Epidarex managing partner Sinclair Dunlop said. 

“This is our second successful investment exit this quarter, adding to our strong track record of creating companies with the potential to transform patients’ lives and generate competitive investor returns.”