VC firms back Roche spin out
MPM Capital, Index Ventures and Life Sciences Partners have provided venture capital financing to BioXell, a biotech start-up created by the spin-off of Roche’s R&D organisation Roche Milano Ricerche.
First round financing totalling E22m and was led by MPM Capital, with Index Ventures and Life Science Partners as co-investors. Roche will retain a 17 per cent stake in the company. The creation of BioXell forms part of Roche’s strategy to focus on core disease areas.
AMJPE exits RFO
AMJPE has announced the sale of its 21 per cent stake in pipeline industrial services company RFO. The disposal comes just nine months after AMJPE backed a management buy-in of RFO from Alfred McAlpine in June 2001.
The financial details of the exit have not been disclosed although AMJPE did confirm that the deal had resulted in AMJPE reporting an internal rate of return (IRR) of 40 per cent. The transaction will see RFO join the Qserv group of companies.