Investment company Gimv today announced the successful sale of its Belgian portfolio company ActoGenix (www.actogenix.com) to Intrexon Corporation (www.dna.com), a leader in synthetic biology. Intrexon is listed on the New York Stock Exchange (NYSE: XON). Pursuant to the definitive agreement, ActoGenix’ shareholders will receive approximately USD 30 million in cash and USD 30 million in Intrexon common stock. Consummation of the transaction, anticipated in the first quarter, is subject to customary closing conditions.
Established as a spin-off from VIB (the Flemish Institute for Biotechnology) and the University of Ghent in June 2006, ActoGenix focuses on the development and commercialization of ActoBioticsTM, a novel class of orally available biopharmaceuticals for the targeted treatment of severe diseases with a high medical need. ActoBioticsTM represent a novel concept for oral administration of therapeutic proteins, and are designed to be safer and more effective than injectable biopharmaceuticals.
In September 2006 and February 2007, Gimv and Biotech Fonds Vlaanderen acted as co-lead investor in a series-A funding round of ActoGenix, which totaled EUR 20 million. As part of this round, Gimv and Biotech Fonds Vlaanderen together committed EUR 8 million. Gimv also participated in subsequent capital rounds of ActoGenix in 2009 and 2013.
The sale has a marginal positive impact on Gimv’s last published equity value. No further financial details on this transaction will be disclosed.