The News

Sofinnova Partners Announces for the Third Time in 2009 a Trade Sale over 500 million dollars

23/12/2009

French Pharmaceutical portfolio company Novexel to be acquired by AstraZeneca

Paris, France – December 23, 2009 – Sofinnova Partners, a Paris-based venture capital firm, announced today for the third time in 2009 a trade sale from its life sciences portfolio for an amount over 0 million.  AstraZeneca has signed a definitive agreement to acquire pharmaceutical portfolio company Novexel for a total cash consideration of 5 million, including earn out payments of million.

The agreement to sell Novexel to AstraZeneca follows the trade sales of two other Sofinnova Partners portfolio companies in 2009, CoreValve to Medtronic in February for more that 0 million and Fovea Pharmaceuticals to Sanofi-Aventis in October for €370 million
(8 million). In these three situations, Sofinnova Partners has been strongly involved since the formation of the companies, either as sole investor or co-lead investor.

“Even in a troubled worldwide environment, pharmaceutical and medical device industries make strengthening their product pipeline a high priority,” said Denis Lucquin, managing partner of Sofinnova Partners and board member of Novexel.  “After the sales of CoreValve, founded in France, and of Fovea, based in Paris, the sale of Novexel is additional testimony to the depth of French life sciences innovation and its potential impact across borders.  It also hints that addressing unmet clinical needs and forming first-class management teams can lead to financial success when a portfolio matures, regardless of the financial environment.”

Sofinnova Partners, which has a history of working with early-stage companies and spin-offs from inception through to exit, was instrumental in moulding Novexel into an emerging European leader in its sector.  Novexel is a Paris-based pharmaceutical company that is developing novel antibiotic therapies for the treatment of severe infections.  Novexel was spun-off from Aventis Pharma S.A. in 2004.  Sofinnova Partners co-led the €40 million Series A financing and was an investor in its €50 million Series B in 2007.

About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France.  For over 35 years, the firm has backed nearly 500 companies at different stages of development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the technology, life sciences and cleantech sectors.  With more than €1 billion of funds under management, Sofinnova Partners’ experienced team and hands-on approach in nurturing and supporting portfolio companies through to exit have created market leaders and multiplied revenues, from landmark historical investments including Genentech and Biogen to more recent successes such as Actelion, Vistaprint, CoreValve and Fovea.  With a global mindset, the firm has a sister organization in San Francisco, California.