Edmond de Rothschild Investment Partners / Edmond de Rothschild Investment Partners' Portfolio Company Vessix Vascular is acquired by Boston Scientific for up to $425M . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Paris, France- November 8th, 2012 - Edmond de Rothschild Investment Partners announces that its portfolio company Vessix Vascular, Inc., which has developed a novel percutaneous radiofrequency balloon-catheter for renal denervation for the treatment of uncontrolled hypertension, has been acquired by Boston Scientific Corp. for up to $425M, of which $125M will be paid at the closing with the balance upon achievement of certain clinical and sales milestones. Edmond de Rothschild Investment Partners holds a significant stake in Vessix in which it invested $10M in June 2011 generating a return multiple of up to 10x.
Raphaël Wisniewski, Edmond de Rothschild Investment Partners' representative on Vessix's board comments: "We are proud to have backed Vessix's team which, in our view, delivered the best product for renal denervation as well as an excellent exit opportunity for its shareholders. Our investment thesis has been confirmed: Vessix's product has been shown to be user-friendly, safe and effective in patients while dramatically reducing treatment time and thus representing an attractive business case also for potential buyers. The total transaction value allows us to make up to 10x on the investment we made one and a half years ago. This exit demonstrates our ability to support the best US companies in their clinical development in Europe."
The success of this transaction is an acknowledgment of Vessix's outstanding development capabilities, product and market potential.
Raymond W. Cohen, Chief Executive Officer of Vessix Vascular adds: "Our intent to attract a high quality European investor to lead our financing proved to be the right decision with Edmond de Rothschild Investment Partners acting as a valuable partner for the Company and the investor syndicate".
Edmond de Rothschild Investment Partners led the Company's $25M series B financing in June 2011. The funds were used to develop Vessix's V2 Renal Denervation System from prototype to CE mark in less than a year, and to start a 120 patient post-CE mark clinical trial, which has already enrolled patients in over 20 centres across Europe, New Zealand and Australia.
This M&A transaction is the second exit for a company of the BioDiscovery 3 fund, managed by Edmond de Rothschild Investment Partners, and launched in 2008. The BioDiscovery funds have now completed nine trade sales and nine IPOs, reflecting the performance of this family of funds.
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners is dedicated to minority investments into privately-owned companies. It has currently close to EUR1 billion under management which is being invested primarily as life sciences venture capital and growth capital.
Its Life Sciences Team of eight professionals brings together over 55 years of experience in the Life Science industry and more than 100 years of private equity and venture capital experience. The team has EUR355 million under management through its Biodiscovery franchise.
It shall be warned that BioDiscovery Funds are Capital Venture Funds registered via the fast-track procedure. These funds are not authorized by the Autorité des marchés financiers and may adopt special investment rules. Bio Discovery 3, a Capital Venture Funds registered via the fast-track procedure, invests mainly in unlisted companies which involves specific risks such as a risk of capital loss, a discretionary management risk and a liquidity risk.
Edmond de Rothschild Investment Partners is an independently managed affiliate of La Compagnie Financière Edmond de Rothschild Banque. For more information please visit: www.edrip.fr.
About Vessix Vascular
Founded in 2003, Vessix is a privately held company developing novel radiofrequency balloon catheter technology. Vessix is backed by world-class European and U.S. venture capital firms including NeoMed Management, Edmond de Rothschild Investment Partners and OrbiMed Advisors LLC. For more information on Vessix Vascular, please visit the Company's website at
Edmond de Rothschild Investment Partners
Raphael Wisniewski - 00 33 (1) 40 17 27 69
47, rue du Faubourg Saint-Honoré
75401 Paris Cedex 08
T : +18.104.22.168.25.74
Fax : +22.214.171.124.31.43
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|Laetitia Guillot-Tantay||Daphné Claude / Laura Barkatz|
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Source: Edmond de Rothschild Investment Partners via Thomson Reuters ONE
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Edmond de Rothschild Investment Partners
47; rue du Faubourg Saint Honoré Paris France