Medivir AB completed the divestment of its unit BioPhausia AB to Stockholm-based Karo Pharma AB.

The Medivir board will propose that net proceeds from the sale, about 870 million Swedish kronor, or 32 kronor per share, be transferred to Medivir shareholders through a voluntary share redemption offer. The board will convene a general meeting by early January 2017.

Stockholm-based Medivir is a molecular diagnostics company that develops epigenetic tests for cancer assessment.

As of Dec. 15, US$1 was equivalent to 9.38 Swedish kronor.