Gimv portfolio company Fovea to be acquired by Sanofi-aventis
Gimv portfolio company Fovea (France) is sold to Sanofi-aventis. The acquisition by this leading pharmaceutical company will allow Fovea to further develop its products in different stages of development. Fovea, on the other hand, offers Sanofi-aventis the unique opportunity to lay the foundations of a full-blown ophthalmology franchise within Sanofi-aventis. Gimv invested both in the series A (2005) and series B (2007) financing rounds of Fovea. The transaction is expected to be closed before the end of the year, depending on clearance under the Hart-Scott-Rodino Anti-Trust Improvements Act (American anti-trust authorities).
Fovea (www.fovea-pharma.com) is a private biotech company focusing on research and development of medicines for treating ocular diseases as aged-related macular degeneration, retinitis pigmentosa and diabetic macular oedema. Founded in 2005, the company has a pipeline of three products, of which one is in development and two at the end of preclinical trials.
Gimv is shareholder of Fovea since the initial series A financing round in 2005, together with Sofinnova Partners, Abingworth Management, The Welcome Trust and CA Private Equity. In addition to these investors, Forbion Capital Partners and Vesalius Biocapital took part in the series B financing round.
Under the terms of the agreement, Sanofi-aventis has agreed to purchase Fovea for a total enterprise value of up to EUR 370 million, including an immediate upfront payment and subsequent milestone payments related to the three clinical compounds. The sale has an immediate positive impact of EUR 2.9 million (EUR 0.12) per share on Gimv’s last published equity value at 30 June 2009.
All parties involved have decided not to disclose any financial details on this transaction.