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Paris, France, July 10th. 2018. Sofinnova Partners, a leading venture capital firm specialized in Life Sciences, today announced that Otsuka Holdings is acquiring its portfolio company ReCor Medical, a medical device company specialized in the treatment of hypertension. The terms of the acquisition are being withheld due to non-disclosure obligations.

ReCor Medical was created in 2009 by Sofinnova Partners, Mano Iyer – who was then entrepreneur-in-residence at Sofinnova Partners and now Chief Operating Officer of ReCor – and Professor Jacques Seguin, MD, who became a large private investor in ReCor. Prof. Seguin was previously founder and CEO of CoreValve, a past Sofinnova portfolio company and a leader in the transcatheter valve replacement space, which was sold to Medtronic. Sofinnova Partners was the sole venture capital investor in ReCor Medical and remained its largest shareholder until the sale to Otsuka.

ReCor Medical is an innovative medical device company that developed the Paradise System, a proprietary ultrasound ablation system for renal denervation (RDN). RDN is a new potential therapeutic approach for the treatment of hypertension, one of the most prevalent medical conditions. ReCor recently announced positive results of its landmark RADIANCE-HTN SOLO hypertension study at EuroPCR 2018.

Antoine Papiernik, Managing Partner at Sofinnova Partners and ReCor Board Member, said: “ReCor perfectly illustrates our investment strategy: we worked hand-in-hand with Mano Iyer to create the business vision and plan for ReCor. We then founded and funded the company, and opened our network of experts, key opinion leaders and board members to help grow it. We brought trusted entrepreneurs Jay Watkins as Chairman and Andy Weiss as CEO to help guide and operate the company through to a corporate transaction to our partner Otsuka.”

Jay Watkins, Chairman of ReCor Medical said: “Sofinnova Partners remains one of few VCs willing to fund early-stage med-tech ventures targeting large and important new markets. The firm played a critical role throughout ReCor’s life, and has proven to be a reliable, value-added partner for the company. The field of renal denervation has been a complex one over the last few years with periods of euphoria and periods of doubt. Sofinnova Partners’ support remained constant throughout, helping to build a strong partnership with Otsuka and then navigate through the challenges to a very successful trade sale.”

Mano Iyer, Founder and COO of ReCor Medical added: “ReCor is a success story because Sofinnova Partners, consistent with its philosophy, saw the value of an opportunity which did not yet exist. It had the vision to create and fund the company, not only in the very beginning, but also during the critical early years. Despite the dramatic swings in the field, Sofinnova Partners’ confidence in me and in the management team was essential to keep us motivated when others lost hope. This great exit is therefore particularly sweet.”

Andrew M. Weiss, CEO of ReCor Medical adds: “I came to ReCor thanks to Antoine Papiernik’s introduction to the company. With his help, our team developed the partnership with Otsuka and was able to remain focused on value creation. The recent announcement of our positive RADIANCE-HTN SOLO study results and now the merger with Otsuka demonstrate that our teamwork with Sofinnova Partners was successful. We now have an opportunity to transform the treatment of hypertension and benefit millions of potential patients while providing a solid return for our investors. I look forward to continuing to work to make this technology a possible standard of care in hypertension treatment”.

For more information, please contact:
International: Anne Rein
Tel: +33 6 03 35 92 05
e-mail: anne.rein@strategiesimage.com
United States: Kate Barrette
Tel: +1 212 223 0561
e-mail: kbarrette@rooneyco.com

About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, the firm brings together a team of professionals from all over Europe, the US and China. The firm focuses on paradigm shifting technologies alongside visionary entrepreneurs. Sofinnova Partners seeks to invest as a lead or cornerstone investor in seed, start-ups, corporate spin-offs and late stage companies. It has backed nearly 500 companies over more than 45 years, creating market leaders around the globe. Today, Sofinnova Partners has over €1.9 billion under management. For more information: www.sofinnova.fr

About ReCor Medical, Inc.
ReCor Medical is a medical device company that designs and manufactures the Paradise System, a proprietary ultrasound ablation system for renal denervation (RDN). RDN is a new potential therapeutic approach for the treatment of hypertension, one of the most prevalent medical conditions. The Paradise System is approved for sale in the EU and bears a CE mark, but is not approved for sale in the United States. The System’s intravascular catheters denervate renal nerves by combining the protection of water-based cooling of the renal artery with high intensity ultrasound energy for circumferential renal nerve ablation. The Paradise System has been studied in clinical trials of approximately 300 patients to date. Following the positive outcomes of the RADIANCE-HTN SOLO trial, ReCor will continue its evaluations of Paradise in RADIANCE-HTN TRIO (a feasibility study of patients with resistant hypertension) and REQUIRE (a pivotal study of patients with resistant hypertension in Japan and Korea), and launch the RADIANCE II pivotal study (a study of patients with moderate hypertension) in the United States and Europe.

About Otsuka Holdings Co., Ltd. and Otsuka Medical Devices Co., Ltd.
Otsuka Holdings Co., Ltd. is the holding company of the Otsuka group, a global healthcare group headquartered in Tokyo, Japan. With operations in pharmaceuticals, nutraceuticals, medical devices and other health-related businesses, the group generated worldwide sales of JPY1,240 billion in the fiscal year ended December 2017.

Established in 2011, Otsuka Medical Devices Co., Ltd. is a fully-owned subsidiary of Otsuka Holdings and one of its core operating subsidiaries. Otsuka Medical Devices focuses on the development and commercialization of endovascular devices that provide new therapeutic options in areas where patient needs cannot be met through pharmaceutical or other conventional treatment.
Otsuka Medical Devices conducts the REQUIRE trial for renal denervation in hypertensive patients (n=140), who are uncontrolled on 3 or more medications including a diuretic, in Japan and Korea through its subsidiary JIMRO Co., Ltd.


Exclusivement dédié aux sciences de la vie, Sofinnova Capital VII est l’un des plus importants fonds de capital-risque en Europe

Paris, le 11 décembre 2012. Sofinnova Partners conforte sa position de leader en Europe avec la clôture à 240 M€ (312 M$) de sa septième génération de fonds de capital-risque, qui sera dédié aux sciences de la vie.

Compte tenu de l’environnement économique tendu, cette levée de 240 M€ (312 M$) est un succès majeur. Sofinnova Capital VII a été souscrit par des investisseurs institutionnels de premier plan, principalement des fonds de pension, des fonds de fonds et des sociétés d’assurances. Parmi les investisseurs figurent le Fonds Européen d’Investissement, Skandia Life Insurance Company, CNP Assurances et CDC Entreprises dans le cadre de FSI France Investissement. Ce succès traduit la confiance des investisseurs dans le savoir-faire et le track record de l’équipe de Sofinnova Partners.

Cette levée de fonds intervient après trois années remarquables au cours desquelles l’équipe a réalisé la cession industrielle de plusieurs sociétés de son portefeuille : Corevalve (à Medtronic pour un montant allant jusqu’à 850 M$), Novexel (à AstraZeneca pour un montant allant jusqu’à 505 M$), Movetis (à Shire pour 428 M€), Fovea (à Sanofi pour un montant allant jusqu’à 370 M€) et Preglem (à Gideon Richter pour un montant allant jusqu’à 445 MCHF). Elle a aussi introduit en bourse sur Euronext Paris Stentys et DBV Technologies. Pour chacune de ces sociétés, Sofinnova Partners était l’investisseur initial et le plus important actionnaire au moment de la sortie. La valeur globale de ces entreprises atteint 3,6 milliards de dollars.

La stratégie de Sofinnova Capital VII consiste à cibler les entrepreneurs qui développent des technologies ou des produits de rupture dans les trois domaines clés que sont la biopharmacie, l’instrumentation médicale et les biotechnologies industrielles. Sofinnova Partners investit en tant qu’investisseur principal, en amont des projets, dans les spin-off industriels, les start-up et les opérations de retournement. Les deux-tiers du fonds seront investis dans des entreprises européennes et un tiers dans le reste du monde, principalement aux Etats Unis.

Denis Lucquin, Partenaire Associé de Sofinnova Partners, déclare : « Alors que les levées de fonds demeurent difficiles dans l’environnement actuel, les investisseurs ont reconnu le talent de notre équipe pour générer des performances supérieures et accompagner avec succès des entrepreneurs visionnaires autour de projets d’entreprise ambitieux. Avec ce nouveau fonds, nous sommes idéalement positionnés pour investir et développer des entreprises dans les sciences de la vie dont les innovations améliorent de façon radicale la vie des gens ».

Sofinnova Partners déploie au cœur de sa stratégie une politique d’amorçage active. Sofinnova Capital VII va poursuivre ses investissements d’amorçage dans la biopharmacie et l’instrumentation médicale. En outre, dans le secteur émergent des biotechnologies industrielles, Sofinnova Partners a lancé Sofinnova Green Seed Fund, dont le premier closing atteint 22,5 M€ et réunit des investisseurs industriels – Solvay, Siclaé, Sofiprotéol et Unigrains – ainsi que CDC Entreprises.
Asante Capital Group est intervenu en tant qu’agent de placement pour Sofinnova Capital VII et le cabinet Jones Day est intervenu en tant que conseil juridique.

A propos de Sofinnova Partners
Sofinnova Partners est une société de capital-risque indépendante basée à Paris. Depuis 40 ans, la société a financé près de 500 sociétés – start-up, spin-off et opérations de retournement. Elle a accompagné les plus grands entrepreneurs européens dans le domaine des sciences de la vie. Avec 1,3 milliard d’euros sous gestion, l’équipe de Sofinnova Partners, reconnue pour sa capacité à aider et à soutenir les entreprises de son portefeuille de la création à la sortie, a permis l’émergence de leaders sur leurs marchés. sofinnova.social-unit.fr


Contact presse pour Sofinnova Partners

Anne Rein
Tel:  +33 6 03 35 92 05