TVM Capital Life Science counts two successful biotech IPOs of portfolio in one week: Proteon Therapeutics, Inc, Waltham, USA and Probiodrug AG, Halle, Germany. Additionally, Bristol- Myers Squibb Entered into Agreement that Provides an Exclusive Option to Acquire F-star Alpha Ltd. and its Novel HER2 -Targeted Therapy
Munich, October 30 2014. After the final closing of our new fund Life Science Ventures VII at $ 201.6m at the beginning of this month we are beginning to believe that October might be one of our lucky months:
Last week, two more companies from our portfolio started off successfully: Proteon Therapeutics, listing on October 22 2014, (NASDAQ: PRTS) banking $ 61.1m and Probiodrug AG, listing on Euronext Amsterdam (PBD) in October 23, raising € 22.5m. We are especially pleased that with Probiodrug’s IPO we see the first IPO of a German biotechnology company since 2006.
Please read the press releases here:
In February we had shared with you the results of two successful IPOs in our life science portfolio: Argos Therapeutics, Inc., Durham, USA (ARGS) and Concert Pharmaceuticals, Inc., Lexington, USA (CNCE), both companies went public on NASDAQ within one week raising $45m and $84 m. With four IPOs this year and two in 2013, when gene therapy company bluebird bio Inc. (NASDAQ:BLUE) raised $101 million in an IPO in June and Enanta Pharmaceuticals (NASDAQ:ENTA) raised over $65m with its initial public offering in March, we considerably leveraged the IPO window for our portfolio. We are very proud that capital markets value the power of innovation in a rapidly growing field such as biotechnology. This is proof that creating and supporting truly innovative businesses is a sustainable approach for all investors and stakeholders.
Only yesterday, our portfolio company F-star Ltd., together with the F-Star Alpha Ltd. shareholders, have entered into an agreement that provides Bristol-Myers Squibb the exclusive option to acquire F-star Alpha Ltd, and gain worldwide rights to its lead asset FS102. FS102 is a novel Phase 1 ready Human Epidermal growth factor Receptor 2 (HER2) – targeted therapy in development for the treatment of breast and gastric cancer among a well – defined population of HER2 – positive patients who do not respond or become resistant to current therapies. (Please read the press release here)
These are wonderful milestones marking a year that celebrates TVM Capital’s 30th anniversary of successfully investing in innovation in healthcare.