Forbion Capital Partners, the leading Dutch Venture Capital firm investing in world-class healthcare technologies, sold PneumRx of its portfolio, to BTG plc, the UK-based specialist healthcare company for an initial cash consideration of €186M and up to €199M in performance-related future milestone payments.
PneumRx is a growing interventional pulmonology business which owns, manufactures and distributes the RePneu Coil System. This is a minimally invasive treatment for advanced emphysema and aims to enhance patients’ quality of life by improving lung function and exercise capacity. RePneu is sold in 11 EU countries including Germany, Switzerland, Italy and Spain and has a fully recruited US pivotal clinical trial currently underway. US approval is anticipated during 2016.
Forbion Capital Partners was the lead investor of PneumRx’ series C financing round of €26,7M in January of 2011. This transaction is yet another illustration of Forbion’s ability to identify companies with promising technologies and deliver attractive returns by a well-managed exit strategy.
Examples of other recent exits by Forbion portfolio companies include:
- Santaris Pharma was acquired by Roche in August 2014 for up to USD 450M – Forbion was the lead investor in the Series B round
- 2014 IPO of Argen-X at Brussels Euronext – Forbion was the lead investor in the Series A round
- 2014 IPO of Argos Pharmaceuticals at Nasdaq – Forbion was the lead investor in the Series D round
- 2014 IPO of UniQure at Nasdaq – Forbion were founders of the company and the largest shareholder at the time of the IPO