Unternehmertum Venture Capital Partners has agreed to sell its shares in AMW as part of an acquisition led by Hybio Pharmaceutical and Yunfeng Capital.

A consortium led by biopharmaceutical firm Hybio Pharmaceutical and private equity firm Yunfeng Capital has agreed to acquire AMW, a Germany-based pharmaceutical firm backed by Unternehmertum Venture Capital (UVC) Partners.

The deal includes AMW’s subsidiary Endomedica. Financial terms of the acquisition, which is subject to regulatory approval, have not been disclosed.

Exiting shareholders further include development bank KfW, Bavarian state-owned BayBG (Bayerische Beteiligungsgesellschaft) and Bayern Kapital, through unnamed funds, as well as Saxony-Anhalt state-owned vehicle IBG Risikokapitalfonds II.

Private equity firm SHS Gesellschaft für Beteiligungsmanagement has also agreed to sell its shares in AMW, as have the company’s co-founders.

Founded in 2008, AMW is developing transdermal drug delivery systems and subcutaneous biodegradable sustained-release implants aimed in particular at oncology, dermatology, neurology, diabetes and pain treatment.

AMW will continue to drive international expansion efforts, release additional products and bolster its pipeline. The company is set to benefit from the acquiring consortium’s global sales teams in China and the US.

AMW most recently secured €25m ($29.7m) in financing from the EU-owned financial institution European Investment Bank, after Bayern Kapital and SHS supported a $6.3m funding round alongside unnamed backers in 2016.

UVC Partners, the venture capital affiliate of TU Munich’s tech transfer arm Unternehmertum, first invested in AMW in 2014, participating in a $9m funding round alongside BayBG, IBG, SHS, Bayern Kapital, KfW and Wilfried Fischer, managing director of AMW.

SHS, Bayern Kapital, KfW and Fischer were identified as existing shareholders in 2014, though details about their previous commitments could not be confirmed.