Idinvest makes 7.6x return with biotech exit

Prosensa, a Dutch company whose products treat genetic disorders, is being taken private for up to $840m

Paris-based private equity firm Idinvest is set to make a 7.6 return multiple on its $840 million sale of NASDAQ-listed biotechnology company Prosensa, according to a statement.

It acquired the company for an undisclosed amount in 2008 with its 2006-vintage venture capital fund. Kurma Partners, a biotech-focused firm founded by former Idinvest partners, also invested an undisclosed amount in the transaction.

Netherlands-based Propensa works on the development and commercialisation of RNA-modulating therapeutics (ribonucleic acid), which is used for treating genetic disorders, such as Duchenne muscular dystrophy, myotonic dystrophy and Huntington’s disease.

The company was listed on the NASDAQ in June 2013; it was unclear at press time whether Idinvest partially exited the company at that time.

US-based pharmaceutical firm BioMarin will buy all of the outstanding shares at $17.75 each, totalling $680 million, and make two additional pay-outs of $80 million each if Prosensa’s leading product – drisapersen – is approved by May 2016 in the US and February 2017 in Europe.

Kurma declined to comment, while Idinvest was not available for comment by press time.

Idinvest Partners, formely known as AGF Private Equity until 2010, is currently in market with Idinvest Private Debt III. The fund has so far raised €235 million of its €300 million target.

The French fund of funds manager has more than €1.1 billion of assets under management. Indivest invests predominantly in European companies and commits between €50 million to €70 million per year.