Strategic investment from General Atlantic to help enable Equality Health in furthering its mission of increasing access to care, lowering costs and improving outcomes for underserved individuals, families and communities
Equality Health to acquire actuarial firm, Daraja Services, to deepen healthcare economics capabilities
January 26, 2021
Equality Health (or “the Company”), a leading provider of technology, services and support for value-based care, today announced a strategic investment from General Atlantic, a leading global growth equity firm, to fuel the Company’s next phase of growth as a value-based primary care network serving the Medicaid, Medicare and ACA Exchange populations. Existing investor Endeavour Capital will remain a minority shareholder, and Town Hall Ventures will also invest in the Company. As part of the transaction, Equality Health will acquire Phoenix-based consulting firm Daraja Services and plans to integrate the firm’s suite of healthcare economics, technology and actuarial capabilities.
Equality Health was founded in Phoenix, Arizona in 2015 by CEO Hugh Lytle with the mission of improving access to culturally competent and holistic care for the Medicaid market, a population traditionally underserved by the U.S. healthcare system. Through its supplemental care management services and proprietary technology platform, CareEmpower™, the Company enables payors and providers to deliver a leading patient experience, while lowering the cost of care and improving member outcomes. Today, Equality Health networks represent more than 1,600 primary care providers across six metropolitan service areas in three states
Over the past five years, the Company has rapidly expanded its physician base and geographic reach in Arizona, California and Texas, supporting care for over 300,000 beneficiaries via partnerships with more than 20 managed care sponsors. Equality Health will leverage the partnership with General Atlantic to pursue further geographic expansion, technological innovation and product development in the near term, while also augmenting its actuarial and data analytics capabilities through the acquisition of Daraja Services.
Hugh Lytle, Founder and CEO of Equality Health, said, “Equality Health believes that high-quality, value-based care should be accessible to all individuals, families and communities across the U.S. We believe we can significantly accelerate this mission through our partnership with General Atlantic, leveraging the firm’s demonstrated experience in helping value-based care models scale. We are excited by the opportunity to further our momentum in transforming the space by leveraging technology to change behaviors, improve outcomes and increase affordability.”
“Equality Health is bringing much-needed technology innovation and care to the managed Medicaid sector,” continued Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “As the Medicaid market continues to expand and shift toward managed care, we believe the company is positioned for substantial growth. Hugh and the Equality Health team have built a compelling model that delivers greater value to payors, providers and patients, and we’re proud to support their vision.”
J.P. Morgan acted as financial advisor to Equality Health. Perkins Coie LLP and Squire Patton Boggs acted as legal counsel. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to General Atlantic. Additional terms of the deal were not disclosed.
About Equality Health
Equality Health, LLC is a Phoenix-based whole-health delivery system focused on transforming value-based care delivery with population specific programs that improve access, quality, and member trust. Through an integrated technology and services platform, culturally competent provider network and personalized care model, Equality Health helps managed care plans and health systems improve outcomes for diverse populations while simultaneously making the transition to risk-based accountability. For more information about Equality Health, visit www.equalityhealth.com or follow @EqualityHealth on Facebook, @EqualityHealth on Twitter, and @EqualityHealth on LinkedIn.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
ESPOO, Finland (January 8th, 2021) In addition to existing backers, among the investors in the startup’s third round were Finnish venture capital investor Innovestor Ventures, Swedish investor Peter Lindell, and well-known Finnish angel investor and healthcare entrepreneur Leena Niemistö. The funding will be used to bring Surgify’s safer surgical drill to market.
Surgify’s internationally recognised technology is intended to prevent nerve and blood vessel injuries caused by surgical drills. The company believes that their technology plays an important role in saving lives and making bone surgery safer. Furthermore, the time and money spent on surgeries could be decreased considerably. In addition to performing various surgical procedures in the head, neck, and spine areas, the technology can be used in dental procedures, as well as surgical robotics.
”The technology developed and patented by us has worked excellently in pre-clinical trials, and has prevented practically all relevant complications. We have raised the interest of leading hospitals in both Europe and the US, and the industry’s largest players have also expressed their interest in collaborating,” said the company’s CEO, Visa Sippola.
Surgify aims to reshape how surgery is performed
Surgify received a sales approval for its product in May, and since then has focused on developing its production. Potential factors contributing to the adoption of the technology in hospitals include ease of use, as well as expected reductions in surgical costs and complications.
The company’s investors see significant challenges brought about by an ageing population, prompting a growth in the number of surgical patients. Today, global costs resulting from complications with surgical drills total over €4 billion annually.
”Surgify’s technology contributes to solving major public health issues, and enables fundamental changes in the surgical market. Innovestor decided to invest in Surgify because of its promising technology and founding team, and because its mission genuinely adds value to society”, commented Innovestor Group’s partner and head of investments, Wilhelm Lindholm.
The rapidly growing startup has spent a significant amount of effort on product development and trials with numerous surgeons. The company is now bringing its technology to the market, aiming for first hospital customers in Finland and the Nordics next year, and expanding to international markets after this.
”This third investment round is an important milestone for Surgify, and, combined with the market approval and patents, positions the company well for market entry. Despite long development cycles in the medical industry, we believe that our work will pay off and that we have a good foundation for building a global business”, Sippola celebrates.
Surgify Medical Oy is a Finnish healthcare technology startup, founded in 2017. The company is developing an internationally recognised surgical drill that aims to make bone surgery safer.
The technology was originally developed in a collaboration between Aalto University and the Helsinki University Hospital Department of Neurosurgery. The product is a safety tip that is connected to existing surgical drills. The patented safety mechanism prevents the drill from damaging important soft tissues, such as nerves and blood vessels.
Wilhelm Lindholm
wilhelm.lindholm(a)innovestor.fi
+358 40 581 1051
Innovestor is a Nordic early-stage venture capital investor,who also operates as a direct co-investment syndicator and growth program builder.Currentlythe firmmanages one of the largest private venture-backed portfolios in the Nordics, consisting of close to 100high-tech companies in multiple fields of technology. Their aim is to be the best home for future new Nordic success stories. At its core, they boost the success and growthof portfolio companies by giving access to capital, know-how, and networks by utilizing their unique ecosystem ofco-investors and partners.
Montagu enters exclusive negotiations with Qualium Investissement to acquire IMV Technologies
Montagu, announces today that it has entered exclusive negotiations with Qualium Investissement and management to acquire IMV Technologies.
Based in Normandy, France, IMV Technologies is the world leader in the design, manufacture, distribution and service of equipment and supplies used in animal reproduction and animal reproductive and clinical imaging. Its Life Sciences division features products used in human medical research and assisted reproduction. With operations in France, Brazil, China, India, the Netherlands, Russia, South Africa, the United Kingdom and the United States, and a vast network of distributors across more than 120 countries, IMV Technologies generates more than 85% of its revenue internationally.
IMV Technologies’ management team, supported by Qualium Investissement, has considerably grown the business through seven acquisitions and continued investments in R&D, which have allowed it to broaden its expertise and strengthen its global leadership in animal artificial insemination.
Alain de Lambilly, CEO of IMV Technologies, said: “We are delighted to be partnering with Montagu and see considerable opportunity ahead. The firm’s deep expertise in the healthcare and technology sectors will be a major asset for our company. Montagu’s partnership will enable us to further develop the company through significant investments in research and innovation. IMV Technologies thanks Qualium Investissement for bringing us to this place in our journey.”
Guillaume Jabalot, Director at Montagu, said: “The management team has accelerated growth and innovation at IMV Technologies, reinforced its leadership position globally and opened new growth avenues. The company operates in markets offering both long-term growth prospects and resilience, two core features of Montagu’s investment strategy. We are delighted to be partnering with management and supporting them in their growth strategy, both in France and internationally. With our backing, IMV Technologies will be able to continue its success as a consolidation platform in an industry which remains fragmented.”
Jacques Pancrazi, Partner of Qualium Investissement, said: “We are delighted to have supported IMV’s management team in its growth journey over the past six years. Continuing the work accomplished during Gilles de Robert’s 15-year leadership, Alain de Lambilly and his team have explored new avenues of growth through continued investment in innovation. This consistent focus on offering high value-added solutions to customers should further accelerate the company’s growth over the coming years.”
The transaction is subject to the final and definitive agreement between the parties and customary conditions and provisions.
Following the transaction, the private equity group will reinvest to hold a minority interest in the former portfolio company
LONDON, 21 January 2021 – Baird Capital announced today the sale of portfolio company Prescient Healthcare Group (“Prescient”) to Bridgepoint Development Capital (“Bridgepoint”), the international alternative asset fund management group. Following the transaction, Baird Capital will continue to hold a minority interest in Prescient. The terms of the transaction were not disclosed.
Prescient is headquartered in London and has additional offices in the U.S., India and China. The business is a global provider of pharmaceutical intelligence, insights and product strategy. Prescient helps its clients make better clinical and commercial decisions, resulting in enhanced outcomes for patients, customers and shareholders. Prescient partners with many of the world’s leading multinational pharmaceutical companies, as well as a growing number of emerging biotech and specialty pharma organisations.
Baird Capital originally invested in Prescient in 2017 and has helped the company build out its data-driven technology platform, which now provides real-time, dynamic data and insights alongside expert strategic advice to the global life sciences industry. Baird Capital has supported Prescient to further its international footprint and team.
Andrew Ferguson, Partner with Baird Capital, commented, “We invested in Prescient back in 2017 because we saw an opportunity to leverage our global resources to help an outstanding business grow even quicker and we are very pleased to have supported Prescient’s development and success over the past few years. We look forward to continuing our relationship as a minority shareholder, and we believe Prescient will continue to thrive in partnership with Bridgepoint.”
Jamie Denison-Pender, CEO of Prescient Healthcare Group, said, “It’s been a pleasure working with Baird Capital, and I am delighted that they will continue as an investor in Prescient. We are proud of the way we worked to build out our capabilities over the past few years, particularly in India and the U.S., and we are well-positioned and excited for our next phase of growth.”
Baird Capital was advised by Alantra Corporate Finance and Edgemont Partners (financial) and Squires Patton Boggs (legal).
For more information on Baird Capital’s investment approach, team members, or portfolio, visit BairdCapital.com.
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 320 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
Baird Capital Partners Europe Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority.
LONDON, January 21, 2021: Prescient Healthcare Group (Prescient), a global product strategy advisory firm serving the pharmaceutical and biotech industries, announced today that Bridgepoint Development Capital, part of Bridgepoint, the international alternative asset management group, has agreed to invest in the business for an undisclosed sum, replacing current investor Baird Capital as the majority shareholder.
Founded in 2007, Prescient is headquartered in London and has offices in the US, India and China. The business provides product strategy services to help its clients make better clinical and commercial decisions, resulting in enhanced outcomes for patients. Prescient works with many of the leading multinational pharmaceutical companies, as well as a growing number of emerging biotech and specialty pharmaceutical organizations. Prescient has formed a partnership with Bridgepoint to support the continued scaling of its talent platform, client value proposition and global infrastructure.
“We are thrilled to be partnering with Bridgepoint, which has an impressive track record supporting the scaling of people-based businesses. Bridgepoint buys into our mission of becoming the biopharma strategy partner most respected for its people, expertise and impact,” said Jamie Denison-Pender, Prescient CEO. “I’m excited by the collaborative approach and hunger for excellence that Bridgepoint will bring to the boardroom and much look forward to our partnership as we continue to invest in our passion for helping our amazing clients develop and commercialize innovative treatments that bring such hope and relief to patients globally.”
“We’re delighted to partner with Prescient to help it drive growth and consolidate its market leadership and share management’s ambitions for the expansion of the Prescient platform. This will be achieved through a combination of investment to enhance scale and expertise, organic growth and selective M&A, with the aim of becoming the leading technology- and data-enabled strategic product partner of choice for decision support and advisory services to the large pharma industry,” said Stephen Bonnard, partner at Bridgepoint Development Capital.
Dr. Nick Edwards will remain Prescient’s Chairman. Baird Capital will be reinvesting in the company as a minority shareholder alongside Bridgepoint.
Caring Brands International (“CBI”), a portfolio company of Levine Leichtman Capital Partners (“LLCP”), announced today that it has completed the acquisition of its Interim HealthCare home health and hospice franchises in San Diego (the “San Diego Franchise”). The addition of the San Diego Franchise expands CBI’s branch footprint and marks the first acquisition within the Interim HealthCare network domestically.The acquisition of the San Diego Franchise is the third completed by CBI in the last six months, continuing the Company’s strong momentum:
In June 2020, CBI acquired its Bluebird Care Master Franchise in the Republic of Ireland, adding direct franchising rights in the Republic of Ireland and 26 franchise locations operating under CBI’s UK brand, Bluebird Care.
In November 2020, CBI acquired the Northern Suburbs of Sydney franchise operation of Just Better Care, CBI’s Australian brand.
Founded in 1966, CBI is the largest franchisor of home healthcare services globally and produces approximately $1.1 billion of annual systemwide sales across over 550 global locations. CBI offers franchises under three brands: Interim HealthCare (United States), Bluebird Care (United Kingdom and Republic of Ireland) and Just Better Care (Australia). CBI’s branches and franchisees offer individuals a full continuum of care at home including skilled nursing, assistance with daily living activities and end-of-life hospice care.
Jennifer Sheets, CEO and President of CBI, commented on the most recent acquisition, “We are delighted to add the exceptional operations of the San Diego Franchises to our branch portfolio and look forward to driving the highest level of quality and satisfaction for our patients.”
Matthew Frankel, Managing Partner of LLCP, stated, “The three recent acquisitions demonstrate our continued support of the CBI investment and reflects the Company’s significant growth potential. We remain focused on building value for the benefit of CBI’s franchise owners, patients, employees and investors.”
CBI is a portfolio company of Levine Leichtman Capital Partners Fund V, L.P.
LAVAL, QC and MARBURG, Germany, Jan. 20, 2021 /PRNewswire/ – Nexelis, a portfolio company of Ampersand Capital Partners, and a leading provider of advanced assay development and laboratory testing services in the infectious, oncologic, and metabolic diseases fields, has signed an asset purchase agreement with GSK to acquire its GCLP-certified clinical bioanalytical laboratory located in Marburg, Germany.
The Clinical Laboratory Science (CLS) team in Marburg, consisting of approximately 80 scientists and analysts, will be transferred to Nexelis. The CLS team in Marburg will continue to keep a strong relationship with GSK and support the development of future GSK vaccine candidates through a 5-year strategic collaborative agreement.
This is the fifth acquisition by Nexelis in the last three years after Pacific Biomarkers, Seattle, WA; PAIRimmune, Laval, QC; ImmunXperts, Gosselies, BE; and AIT Bioscience, Indianapolis, IN. The transaction with GSK enables Nexelis to expand its global footprint as well as its immunology-centric assay development and high-throughput clinical testing capacities.
Benoit Bouche, Nexelis CEO commented “We are thrilled to welcome on board new colleagues with a legacy of over 20 years under Novartis and GSK leadership in clinical laboratory activities supporting the development of vaccines against viral and bacterial diseases. We believe that this transaction is a determining step in the establishment of Nexelis as an unrivaled global vaccine player.”
Emmanuel Hanon, Head of GSK Vaccines R&D added “Strategic outsourcing will optimize GSK’s footprint and increase our agility so that we can continue to accelerate the development of the candidate vaccines in our pipeline. Based on the previous successful transfer of other laboratory activities to Nexelis, we are confident that this will be a great fit due to the quality and agility of the Nexelis organization.”
The transaction with GSK will be effective at the end of January 2021. Nexelis intends to quickly expand the Marburg site, initiating collaborations with other vaccine development companies as well as with the company’s other North American and European sites.
Nexelis expects to add new clinical testing platforms in Marburg that will be fully bridged with Laval platforms, develop synergies with its early development stage ImmunXperts branch in Belgium and leverage existing talents in fields such as biostatistics to form a broad-based, end-to-end service offering in bacteriology, virology, and oncology.
About Nexelis
With an unrivaled expertise in immunology, 5 operating sites in North America and Europe, and a translational offer of services covering the needs of the pharmaceutical industry from the lead selection stage to late clinical stage, Nexelis is a leading provider of assay development and advanced laboratory testing services in the infectious diseases, metabolic diseases, and oncology fields. Our versatile team of scientists, working with our state of the art technology platforms, were instrumental in the development, qualification, validation, and large-scale sample testing of assays that supported the FDA filing of almost 100 new molecular entities, including blockbuster vaccines and biologics, anti-viral drugs, immunotherapy, gene and cell therapy products. Additional information about Nexelis is available at www.nexelis.com.
About Ampersand Capital Partners
Founded in 1988, Ampersand is a middle market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.
Swemac Innovation AB (“Swemac”), a developer of innovative solutions for fracture treatment and joint replacement with a focus on hips and upper extremities, welcomes Priveq Investment (“Priveq”) as new minority owner to support the company in its accelerated growth strategy. The Hansson family will continue as majority owners in the company.
Swemac was founded in 1985 as a spin-off from Saab Combitech, from which the Hansson family acquired the medical implant division in 1997. Since the foundation, Swemac has grown within a unique and innovative environment, where new products continuously have been developed. Swemac has exhibited strong growth and profitability historically, and by partnering with Priveq the intention is to accelerate growth even further.
Today Swemac has an extensive product portfolio that are protected by several patents. The products are marketed in Scandinavia and Japan as well as numerous international markets. The group currently has approximately 80 employees with its head office in Linköping and a turnover of around SEK 240m.
“We are highly impressed of Swemac’s innovative spirit and commitment to deliver qualitative products that add value to clients and health care professionals. Swemac’s position is a strong foundation for continued expansion and we are looking forward to be working with the owners and management on this journey going forward”, says Senai Ayob, Partner and Investment manager at Priveq.
“Over the years, Swemac has developed into a strong and broad supplier of products and services to the orthopaedic sector. Our product portfolio is highly innovative and with Priveq as a partner, we will be able to accelerate our growth further, both in terms of new product launches but also in terms of entering new markets. The experience and competence found in Priveq appeals to me“, says Martin Sjögren, CEO at Swemac.
Martin Sjögren, CEO Swemac Innovation AB
+46 70 915 16 95
martin.sjogren@swemac.com
About Swemac We strive continuously to provide the market with innovative and practical solutions for fracture treatment and joint replacement to benefit patients and health care professionals. Swemac has evolved over the years within a highly innovative environment where quality has always been critical to development and production. This strong tradition of innovation and high quality remains a core characteristic and guiding compass for Swemac today. The products are currently sold via Swemac’s own sales organization in Scandinavia and through distributors on international markets. Also 3rd party brands within trauma treatment and medical imaging are distributed by Swemac in Scandinavia. The company is headquartered in Linköping and has ca 80 employees.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Cambridge (United Kingdom) and Utrecht (the Netherlands) – Acacia Pharma Group plc (EURONEXT: ACPH), a commercial stage biopharmaceutical company focused on developing and commercializing novel products to improve the care of patients undergoing serious medical treatments such as surgery, invasive procedures, or chemotherapy, announces that it has been awarded BEL Small Company of the Year 2020 by Euronext Brussels at its annual New Year’s Ceremony held virtually last night. This is the second consecutive year that Acacia Pharma has won this award.
“We are delighted to be recognized again with this award. 2020 has been a very successful year for Acacia Pharma, having gained approval for two new products in the US: BARHEMSYS®, a new antiemetic for surgical patients to treat post-operative nausea & vomiting, and BYFAVO™, a rapid acting and reversible sedative for patients requiring moderate sedation to undergo short medical procedures. We launched BARHEMSYS in August and are in the very final stages of the launch process for BYFAVO, which we expect to complete imminently,” commented Mike Bolinder, CEO of Acacia Pharma.
Mr. Bolinder added: “Looking to the future, our strategy is to drive the sales of both products in the US through our own organization and we believe we are well positioned for success. This potential success has been recognized in the recent initiation of coverage of the company by the healthcare analysts at Jefferies, who included Acacia Pharma as one of their top European biopharma/biotech investment ideas for 2021. We are pleased with the progress we have been able to make during the last year, especially given the impact of the global Covid-19 pandemic during the same period.”
The annual New Year’s Ceremony recognizes the best performing companies on Euronext Brussels. The BEL Small Company of the Year is awarded to a company that has demonstrated the highest relative increase in market capitalization, within the BEL Small index in 2020. The award was announced by the CEO of Euronext Brussels, Vincent Van Dessel, in the presence of Vincent Van Peteghem, Belgian Deputy Prime Minister and Minister of Finance.
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Contacts
Acacia Pharma Group plc
Mike Bolinder, CEO
Gary Gemignani, CFO
+44 1223 919760 / +1 317 505 1280 IR@acaciapharma.com
Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures, or cancer chemotherapy. The Company has identified important and commercially attractive unmet needs in these areas that its product portfolio aims to address.
Acacia Pharma’s first product, BARHEMSYS® (amisulpride injection) is available in the US for the management of postoperative nausea & vomiting (PONV).
BYFAVO™ (remimazolam) for injection, a very rapid onset/offset IV benzodiazepine sedative is approved in the US for use during invasive medical procedures in adults lasting 30 minutes or less, such as colonoscopy and bronchoscopy. BYFAVO is in-licensed from Paion UK Limited for the US market.
APD403 (intravenous and oral amisulpride), a selective dopamine antagonist for chemotherapy induced nausea & vomiting (CINV) has successfully completed one proof-of-concept and one Phase 2 dose-ranging study in patients receiving highly emetogenic chemotherapy.
Acacia Pharma has its US headquarters in Indianapolis, IN and its R&D operations are centred in Cambridge, UK. The Company is listed on the Euronext Brussels exchange under the ISIN code GB00BYWF9Y76 and ticker symbol ACPH. For more information, visit the company’s website at www.acaciapharma.com.
About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over $1.5 billion across two fund strategies: Venture & Growth and Private Equity.
Gilde Healthcare Venture & Growth invests in fast growing companies active in digital health, MedTech and therapeutics. The Venture & Growth companies are based in Europe and North America.
Gilde Healthcare Private Equity participates in profitable European lower mid-market healthcare companies with a prime focus on the Benelux and DACH region. The Private Equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market.
This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as “believe”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements may and often do differ materially from actual results. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group’s business, results of operations, financial position, prospects, growth or strategies and the industry in which it operates. Save as required by law or applicable regulation, the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Forward-looking statements speak only as of the date they are made.
Potential first-in-class disease-modifying biologic in late-stage clinical studiesExperienced executive development team from Gilead Sciences
SOUTH SAN FRANCISCO, Calif., January 19, 2021 – Vera Therapeutics, Inc., a clinical-stage biotechnology company focused on developing treatments for immunological and inflammatory diseases, today announced its launch backed by $80 million Series C financing led by Abingworth LLP. Other investors included Sofinnova Investments, Longitude Capital, Fidelity Management & Research Company LLC, Surveyor Capital (a Citadel company), Octagon Capital, Kleiner Perkins, GV (formerly Google Ventures), and Alexandria Venture Investments.
Proceeds from the financing will support the advancement of Vera’s lead clinical candidate, atacicept, a novel inhibitor of B cells and plasma cells, in patients with IgA nephropathy (IgAN). The proceeds will also be used to scale the company’s manufacturing capabilities and expand Vera’s therapeutic pipeline in immunologic and inflammatory disease.
In-licensed from Merck KGaA, Darmstadt, Germany, atacicept has been studied previously in autoimmune diseases and shown to reduce autoantibodies in a dose-dependent fashion with once-weekly subcutaneous dosing and has a well-established and acceptable clinical safety profile. New clinical trial results in patients with IgAN presented in 2020 showed that atacicept significantly reduces galactose-deficient immunoglobulin A (Gd-IgA1) – the source of immune complexes that cause disease – and proteinuria. Vera is on track to start a Phase 2b study in IgAN patients in mid-2021 and is investing in commercial-scale manufacturing capabilities.
“The strong support of our syndicate reflects strong conviction in Vera’s clinical development experience and the potential of our lead asset to target the source of immune complexes in patients with IgAN and change the standard of care,” said founder and CEO Marshall Fordyce, MD. “Unlike other drugs in development to treat IgAN, a rare disease with no approved treatments, atacicept significantly reduces galactose-deficient immunoglobulin A (Gd-IgA1) – the source of immune complexes that cause disease – at doses with a well-established and acceptable safety profile. Therefore, atacicept may be uniquely positioned to be disease-modifying for these patients with no current treatment options.”
Vera has executive and clinical development teams with deep experience in drug development and commercialization from Gilead Sciences. Joanne Curley, previously Vice President of Project and Portfolio Management, joined as Chief Development Officer; Lauren Frenz, who previously led US marketing of GENVOYA, joined as Chief Business Officer; and Tom Doan, previously Executive Director, Clinical Operations and Therapeutic Area Head, Inflammatory/Respiratory, was appointed Senior Vice President, Clinical Operations.
The Company’s Board of Directors includes Kurt von Emster (Managing Partner, Abingworth), Patrick Enright (Managing Director, Longitude Capital), Maha Katabi (General Partner, Sofinnova Investments), Beth Seidenberg (General Partner, Kleiner Perkins), Scott Morrison (former Partner and U.S. Life Sciences Leader, Ernst & Young), Andrew Cheng (President and CEO, Akero Therapeutics), and Marshall Fordyce (President and CEO, Vera Therapeutics).
“Vera has an outstanding team with track records in successful clinical and commercial development,” said Abingworth’s Managing Partner Kurt von Emster. “Dr. Fordyce brings significant leadership and entrepreneurial experience to this unique opportunity, where we have a clear line-of-sight from a well-validated biologic target to a substantially de-risked drug product, in a disease area that is commercially underserved, presenting a near-term opportunity to demonstrate disease modification for patients with limited options.”
About Vera Therapeutics
Vera Therapeutics is a clinical-stage biotechnology company focused on developing treatments for immunological and inflammatory diseases. Vera’s mission is to develop and commercialize transformative new therapies that improve patients’ lives. Vera’s lead program is atacicept, a fusion protein that is a dual inhibitor of B lymphocyte stimulator (BLyS) and a proliferation-inducing ligand (APRIL), which is in development for IgA nephropathy (IgAN), also known as Berger’s disease. Longer-term, the Company is building a pipeline of clinical-stage molecules with the potential to substantially improve lives. For more information please visit: www.veratx.com.
About Abingworth Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in 168 life science companies, leading to 44 M&As and 69 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston. For more info, please visit abingworth.com.
About Atacicept
Atacicept is a recombinant fusion protein that contains the soluble TACI receptor that binds to the cytokines B lymphocyte stimulator (BLyS) and a proliferation-inducing ligand (APRIL). These cytokines are members of the tumor necrosis factor family that promote B-cell survival and autoantibody production associated with certain autoimmune diseases, including IgA nephropathy, also known as Berger’s disease, and systemic lupus erythematosus (SLE). Unlike other drugs currently in development for IgAN, atacicept is a novel, disease-modifying agent that is a dual inhibitor of BLyS and APRIL, positioned for best-in-class targeting of B-cells and plasma cells, to reduce autoantibodies, and a well-established and acceptable clinical safety profile. Atacicept also has a proven dose-dependent effect on key biomarkers and clinical markers and a well-established safety profile compared to other drugs in development for IgAN.
Media Contact:
Greig Communications, Inc.
Kathy Vincent
(310) 403-8951
kathy@greigcommunications.com
