Eurazeo and its affiliates have entered into exclusive discussions to sell DORC (“Dutch Ophthalmic Research Center”) to Carl Zeiss Meditec AG for an enterprise value of approximately €1bn. The Eurazeo Mid-large buyout team¹ has been supporting the company as a majority shareholder since 2019 and under its ownership, DORC has become one of the world-leading ophthalmic surgery platforms leading the growth game in the Vitreoretinal (“VR”) and Cataract market.

Under the terms of this agreement, the transaction is expected to yield over 2.6x gross cash on cash and 24% gross internal rate of return (IRR) on its original investment, including proceeds of the refinancing closed in December 2021. Upon closing of the transaction, c.€385m of gross proceed would be returned to Eurazeo balance sheet. Closing of the transaction remains subject to completion of the relevant information and consultation process with the employee representative body of the company and applicable regulatory approvals.

Established in 1983, and headquartered in the Netherlands, DORC is a world-leading and high growth ophthalmic surgery platform benefiting from a strong global market position as #2 player in VR packs² and #1 player in dyes. The company has developed a high-quality and innovative product offering which includes EVA Nexus™, the most advanced dual-function system. In 2023, the Company is expected to deliver €200m net sales with an installed base of over 2,100 systems placed worldwide supported by an organization of over 750 FTEs.

As part of our conviction-driven and sector-focused investment strategy, we identified DORC as a compelling investment opportunity and highly resilient business, with a recurring razor-razor blade revenue model and strong potential for value creation leveraging the Eurazeo’s playbook.

Over the last four years, the company has achieved strong growth underpinned by a bolstered management team strengthening DORC’s sectorial expertise and scale, intensified international expansion strategy with the setup of Chinese operations and approval and launch of EVA Nexus™ in 2022. DORC continued to invest in innovation and R&D driving market leading vitality index³ over 25% and successful completed two strategic acquisitions in Germany and the US. As a result, DORC has increased its strategic value and attracted the interest from a variety of strategic buyers including Carl Zeiss Meditec AG.

Carl Zeiss Meditec AG is one of the world’s leading medical technology companies, headquartered in Germany with a focus on ophthalmology and microsurgery. The company offers complete solutions, including implants and consumables, to diagnose and treat eye diseases. The acquisition of DORC will enhance and complement Zeiss’ broad ophthalmic portfolio and expand its position in the VR surgery segment, further strengthening its position as the fastest growing manufacturer of ophthalmic devices globally.

Pierre Billardon, DORC CEO stated:

“ In the year when DORC celebrates 40 years of surgeon-inspired innovation in ophthalmic surgery, we enter a new phase of exciting potential for growth and advancing the future of ophthalmic surgery. I am personally proud and immensely grateful to all of the team at DORC for their expertise and commitment to help patients see again. “

Francesco Orsi, Managing Director – Mid-large buyout commented:

” We are proud of our partnership with Pierre Billardon and the DORC team to deliver on a shared vision to establish DORC as a world-leading and high growth ophthalmic surgery platform spearheading the fast-growing Dual market segment with the recently launched state-of-the art EVA Nexus™. Over the past four years, the Company has not only delivered on its innovation DNA but has significantly scaled internationally, including in the US and Asia, and unlocked further strategic value through two highly synergistic acquisitions. “

Dr. Markus Weber, President and CEO of Carl Zeiss Meditec AG said:

” With the acquisition of DORC, we’ll bring together two highly innovative ophthalmic powerhouses to accelerate Zeiss’s position in the vitreoretinal surgery segment and extend our leadership in the ophthalmic medical devices market. “

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(1) Part of the Eurazeo Mid Cap company

(2) Excluding China

(3) Share of DORC’s sales originating from new products

BRUSSELS AND ROTTERDAM – 4^th December 2023 – Faceland, a leading chain of branded medical aesthetics clinics in the Netherlands, Belgium, Germany, and Switzerland, has reached an agreement with Verlinvest, the Belgian-based, family-backed evergreen investment company, for it to acquire a majority stake in the business. This new partnership will enable Faceland to accelerate its expansion within the fast-growing European medical aesthetics market and execute upon its mission of improving access to high-quality cosmetic medicine for all patients.

Founded in 2013 in The Netherlands, Faceland stands apart from competition with its unique model, which offers clinically proven aesthetics treatments at accessible price points. Faceland’s services are all delivered by qualified medical professionals that are trained in-house through the company’s proprietary training academy. Faceland’s team of plastic surgeons, doctors, and nurses complies with the highest regulatory standards in each operating region and now performs over 130,000 treatments annually across its four core markets.

With co-founders Dr. Stijn Bauland and Ruud van de Handel at the helm, Faceland has grown to become one of the first regional platforms in Europe, building on its position as market leader in the Netherlands, to own 31 clinics across Benelux and have a growing presence in Germany and Switzerland. Dr. Bauland and Mr. Van den Handel have also set up an independent foundation in the Netherlands, which aims to professionalise and broaden access to cosmetic medicine by training nurses looking to move into the field, by offering free accredited seminars and courses for any health professional interested in the discipline of aesthetics. It also publishes medical and academic research papers, including in leading international scientific journals in cooperation with the Universities of Amsterdam and Groningen.

Faceland has achieved record growth in recent years, with sales up 25%+ over the last twelve months to reach c.€40m in FY23A, and +20 clinics opening between January 2020 and today.

Ruud van den Handel, Chief Operating Officer and Co-founder of Faceland said, “Stijn and I are proud that over the last few years, Faceland’s brand has reached a critical mass where we are recognised thought leaders in the field of cosmetic medicine and both our patients and practitioners love working with us. We are thrilled to take this growth to the next level with Verlinvest’s experienced team by our side, as we scale into new markets, unlock Faceland’s potential for even greater innovation, and realise our vision of improving access to high-quality aesthetic medicine for all.”

Faceland will work together with Verlinvest’s team, many of whom are based on-the-ground in Benelux, to grow both its network of clinics and its much-loved consumer brand over the coming years. They will draw on Verlinvest’s experience of building successful branded healthcare platforms across Europe, including current and past investments in Nesto (vet care), Bludental (dental services), Sinomedica (medical acupuncture), and Armonea (senior care). The company’s ambitious plan is focused on rolling out a large number of new clinics using Greenfield and M&A strategies, thereby bringing Faceland’s high quality of medical care to as many patients as possible at affordable prices, as well as becoming the go-to employer for talented doctors and nurses.

Julius Hugelshofer, Senior Principal at Verlinvest said, “Stijn, Ruud and the team at Faceland are revolutionising and professionalising the fragmented medical aesthetics industry, which is growing rapidly and becoming a new norm in terms of personal health. The market is ready for a branded player to raise the overall standard of care at a price point that’s accessible for customers.” Roberto Italia, CEO at Verlinvest added, “Our vision for the aesthetics field sees top-quality care and operational excellence as essential levers to engage patient-customers in innovation-driven and sustainable long-term relationships. The approach that Stijn and Ruud have managed to develop consistently with Faceland over time is fully aligned and we look forward to partnering with them to build the company into a truly pan-European platform.”

The transaction will be subject to approval from the relevant regulatory bodies and stakeholder groups. It is expected to close in Q4 2023.

+++

About Faceland

Faceland was founded in 2013 in the Netherlands with the mission of improving access to cosmetic medicine and transforming it from a niche industry into mainstream medical care. A no-nonsense team of young executives, doctors and nurses set out on this mission, ensuring Faceland’s approach was focused on quality, customer satisfaction, accessibility, and value-for-money from the start. This strategy translated into sustained growth in the Netherlands, Belgium, Switzerland and Germany, and Faceland now has 31 clinics in its network. Further international expansion remains an essential part of their vision. True to Faceland’s mission, co-founders Dr. Stijn Bauland and Ruud van de Handel have set up a Foundation which provides free courses on cosmetic medicine to health professionals and publishes research papers in peer-reviewed scientific journals.

• Round co-led by EQT Life Sciences and Forbion
• Series A financing will support clinical development of the lead program in amyotrophic lateral sclerosis (ALS) and preclinical development of pipeline programs based on VectorY’s broad technology platform

Copenhagen, Denmark, November 7th 2023 — Sunstone Life Science Ventures (Sunstone), a leading
Nordic venture capital firm, is excited to announce its participation in a EUR 57 million Series A
funding round for Kynexis B.V., a pioneering biotech company dedicated to advancing treatments for
cognitive impairment associated with schizophrenia. Jacob Lange Moresco, Investment Director with
Sunstone, will be joining Kynexis’ board of directors as part of this investment.

This significant funding round was led by European investor Forbion alongside Ysios Capital and
Sunstone. The financing will support Kynexis’ innovative approach, which combines cutting-edge
patient selection methods with a deep understanding of the genetic links underlying their lead
molecule’s mechanism of action. The unique combination of strategies holds the promise of not only
improving the effectiveness of treatment but also personalizing it to individual patients, a crucial
advancement in the field of mental health therapeutics.

The lead program, KYN-5356, is designed to regulate kynurenic acid levels in the brain and in turn
address the cognitive impairment often associated with schizophrenia, a debilitating condition that
affects millions of individuals worldwide. Cognitive impairment can significantly hinder the quality of
life for those living with schizophrenia, making this research a critical area of focus for the medical
community.

Kynexis’ leadership team holds extensive experience in psychiatry, neurology and drug discovery and
includes CEO Kees Been, CMO Jens Wendland as well as Executive Chair Peter Høngaard Andersen.
Jacob Lange Moresco expressed his enthusiasm about this investment and his role on Kynexis’
board, stating, “We believe that Kynexis’ approach to addressing cognitive impairment associated
with schizophrenia has the potential to transform the lives of countless individuals and their families.
We are thrilled to support this world-class team and their important work towards better
therapeutic options for individuals living with mental illness.”

About Kynexis
Kynexis is advancing precision therapeutics for brain diseases by taking a biomarker-based approach
to advance a potential first-in-class treatment for cognitive impairment associated with
schizophrenia (CIAS). By harnessing large data to identify and stratify patients based on the
underlying causal human biology of the disease, Kynexis is targeting KAT-II, a key enzyme in the
kynurenine pathway. The company’s lead candidate, KYN-5356, is a first-in-class small molecule that
is potent and highly selective for KAT-II. The Company also has a subsidiary in the United States and
a Massachusetts office in Cambridge. (Kynexis Therapeutics Inc.).

About Sunstone Life Science Ventures
Sunstone Life Science Ventures is an independent European venture capital investment firm
founded in 2007 by an international team of industry experts with combined entrepreneurial,
operational and financial experience. Managing total funds of €500 million, Sunstone focuses on
developing and expanding early-stage Life Science companies with strong potential to achieve global
success in their markets. Since inception, Sunstone has invested in more than 60 companies, and has
completed more than 25 successful IPOs and large M&A transactions.
For more information about Kynexis, please visit kynexistx.com
For more information about Sunstone, please visit sunstone.eu

Copenhagen, Denmark and Marseille, France, Oct 31, 2023 – Sunstone Life Science Ventures
(Sunstone), a leading European venture capital firm focused on life science therapeutics, today
announced that Sunstone’s Fund IV has invested in the Series A financing round of DiogenX now
increased to €33.5 million ($33.8M). In May, DiogenX, a biotech company focused on regenerating
insulin-producing beta cells for the treatment of diabetes, had announced its initial Series A financing
round.

DiogenX was founded in 2020 based on the groundbreaking research of Professor Patrick
Collombat, a world-renowned expert in pancreatic beta cell regeneration. The Company’s lead
program is a first-in-class recombinant protein that aims at replicating insulin-producing beta
cells in the pancreas. This novel approach has the potential to offer a disease-modifying therapy
for type 1 diabetes, a chronic and life-threatening condition that affects millions of people
worldwide.

In this Series A round, Sunstone LSV Fund IV joins lead investors Roche Venture Fund and
Boehringer Ingelheim Venture Fund (BIVF), alongside new investors Eli Lilly and Company and
Omnes and existing investors JDRF T1D Fund and AdBio partners. The funding will enable
DiogenX to advance its lead candidate towards clinical development.
“We are very impressed by the scientific achievements and the vision of DiogenX’s team. We
believe that their approach to regenerate beta cells has the potential to transform the treatment
landscape for type 1 diabetes and to improve the lives of millions of patients” said Claus
Andersson, General Partner at Sunstone and board member of DiogenX. “We are delighted to join
this strong syndicate of specialized investors and to support DiogenX in its next phase of growth.”
“Sunstone is a highly respected and experienced investor in the European biotech ecosystem.
We are thrilled to have them on board as we work towards the clinic with our lead program,” said
Benjamin Charles, co-founder and CEO of DiogenX. “We are grateful for the continued support
of our existing investors and the trust of our new investors. Together, we share a common vision
to bring innovative solutions for patients with type 1 diabetes.”

About Sunstone
Sunstone is an independent European venture capital investment firm founded in 2007.
Sunstone focuses on scientifically advanced assets, and invests to develop and expand preclinical stage life science companies with strong potential to achieve global success within their
therapeutic fields. Sunstone has invested in more than 50 companies and has completed more
than 23 successful exits and IPOs. Sunstone ranks among the most active European investors in
life science therapeutics. For more information, please visit sunstone.eu.

About DiogenX
DiogenX is a biotech company focused on regenerating insulin-producing beta cells for the
treatment of diabetes.
Founded in 2020 based on the research of leading type 1 (T1D) diabetes scientist Patrick
Collombat on pancreatic beta-cell regeneration, DiogenX is developing first-in-class
recombinant proteins designed for the treatment of T1D.
DiogenX’s lead program is focused on modulating the Wnt/β-catenin signalling pathway to
regenerate pancreatic insulin-producing beta cells to offer a disease-modifying therapy for type
1 diabetes. It is currently in preclinical development.
DiogenX is supported by a network of world-leading experts in diabetes and a consortium of
investors including diabetes and biopharma leaders Boehringer Ingelheim Venture Fund, Roche
Venture Fund, Eli Lilly and Company, Omnes, JDRF T1D Fund, Sunstone and AdBio partners. The
company founded by Patrick Collombat, Jean-Pascal Tranié and Benjamin Charles, is based in
Marseille, France, with research labs in Nice, France.
www.diogenx.com

Contact
Sunstone: Claus Andersson, PhD, General Partner, andersson@sunstone.eu, +45 22 70 50 65
DiogenX: Andrew Lloyd & Associates / SaƯiyah Khalique – Celine Gonzalez
saƯiyah@ala.associates / celine@ala.associates, UK: +44 1273 952 481, US: +1 203 724 595.
@ALA_Group

In partnership with property owner Amvest, Het Gastenhuis is realizing sustainable guest houses. Most of these houses are fully independent from natural gas and are equipped with solar panels and heat pumps. Only a few locations still remain connected to the gas network solely as a backup for the heat pumps. A few older buildings that have been converted to Gastenhuizen are currently also in the process of becoming more sustainable. Low energy consumption (low CO2 emissions) and a comfortable indoor climate are key aspects that are taking into account.

Furthermore, the Amvest Living & Care Fund, the developer and owner of het Gastenhuis, has been named the most sustainable healthcare real estate fund in Western Europe for the fourth time. The Global Real Estate Sustainability Benchmark (GRESB), the global standard for sustainability in real estate, announced this in October 2023.

With this Het Gastenhuis is working with Amvest to continue to build a more sustainable future.”