Forbion in $450m pharma deal

The sale comes as Forbion is currently attempting to collect €150m for Fund III

Forbion Capital Partners, a Dutch venture capital firm focused on healthcare technologies, has agreed to sell Santaris Pharma, a Copenhagen-based biopharmaceutical company to Roche, a pharmaceutical corporation.

The firm has sold the company for up to $450 million, including an upfront cash payment of $250 million and additional contingent payments of up to $200 million depending on specific performance milestones, according to a statement.

Forbion declined to disclose the specific return, but Sander Slootweg, managing partner at Forbion told Private Equity International it was “a good exit” for the firm.

Roche plans to maintain Santaris Pharma’s operations in Denmark, where the existing site will be renamed Roche Innovation Center Copenhagen. Santaris focuses on RNA-therapies, which is a specific type of drug discovery and development.

“Forbion has been a strong proponent of the company ever since, working closely with the management to promote the significant therapeutic potential of this new class of drugs,” Martien van Osch, managing partner at Forbion, said in the statement.

Forbion made the original investment using its Forbion Capital Fund I, a €200 million vehicle. That fund has now made 22 exits, including four IPOs. Following this exit, seven investments remain in the portfolio, Slootweg said.

The firm’s Fund II, a €140 million vehicle is fully invested. Forbion is currently in market attempting to raise €150 million for its Fund III. The fund is expected to hold a first close of between €90 million and €100 million in the next two months.

Forbion Capital Fund III will target investments in drug-, device- and diagnostics companies that develop technologies and products that focus on improving quality of life for patients.

Since inception, Forbion has raised two main funds, two co-Investment funds and two joint ventures funds with BioGeneration Ventures. Forbion has more than €450 million in assets under management.