Banexi buys French biotech business
Banexi Capital Partenaires, the fund management subsidiary of BNP Paribas, has backed the management buyout at Progiven SAS, a manufacturer of industrial biocides based in Montdidier, France.
Progiven, which reported turnover last year of around E25m, is a subsidiary of French chemicals vendor Lambert Rivière Group, which in turn is part of Dutch group Univar. The consideration for the transaction was not disclosed, but continues Banexi’s strategy of investing in businesses with earnings of between E20m to E250m.
The investment was made from the firm’s Middle Market Fund 2.
Quester, Advent lead £11.5m biotech deal
Quester Capital Management and Advent Venture Partners have backed the latest financing round for Avidex, a developer of T Cell receptor therapeutics based in Oxford.
The Sitka Health Fund Venture Capital Trust and eTechnology Venture Capital Trust also participated in the £11.5m. The remaining investment came from undisclosed private individuals and investment funds. Following the funding, Iain Wilcock of Quester will be joining the Avidex Board.
The Company has raised £23.2m to date, with previous investors including Advent Venture Partners, the University of Oxford, Oxford Technology Venture Capital Trust Plc and Quester.
The investment follows last week’s announcement by Cambridge firm KuDOS that it had raised over £30m for the development of cancer treatments.