Sividon was a spin-off from Siemens, founded in July 2011 – and it was just sold to the American Myriad Genetics ($2.2Bn market cap) for €50M, even though the company raised only €5M over its lifetime. A clear success story that I discussed with Karlheinz Schmelig, partner of Sividon’s Lead investor Creathor Venture.
Sividon worked in the space of breast cancer diagnostics. Its first and main product is EndoPredict, which is an in-vitro diagnostics test to identify patients with primary breast cancer who can be safely and effectively treated without chemotherapy. The test was used by nearly 20,000 patients (both in clinical studies and on the market) and has shown very solid data.
“This is what makes EndoPredict unique”. The data outpaced its direct competitor Oncotype DX from Genomic Health ($200M annual sales), MammaPrint from Agendia (covered here), and this is what caught the attention of Myriad Genetics.
The two companies actually started working together in 2014 when Myriad signed a partnership to distribute EndoPredict in Europe.