Thu, 07/08/2014 - 16:00
The sale of two portfolio companies – Precision Dermatology, and CardioMEMS – has seen the limited partners of private equity firm Boston Millennia Partners realise USD10.5 million.
With the receipt of Hart-Scott-Rodino clearance, the acquisition of Precision Dermatology by Valeant Pharmaceuticals, for USD500 million, closed on 7 July.
On 30 May, Boston Millennia Partners’ portfolio company CardioMEMS, whose lead product is a significant advancement in the treatment of heart failure, was sold to St Jude Medical pursuant to a transaction valued at USD463 million.
Precision was spun out of Collegium Pharmaceuticals, a specialty pharmaceuticals company, for which Boston Millennia Partners provided the first institutional financing. Following the spinout, Precision raised USD60 million of additional equity, and through acquisitions and organic growth developed into a significant company in the Rx dermatology space.
CardioMEMS was founded to pursue commercial applications of micro-electromechanical systems developed in the laboratories of Georgia Tech and MIT. Clinical trials for the company’s congestive heart failure sensor indicated a 37 per cent reduction in hospitalisation readmissions.
Managing general partner Dana Callow says: “With the closing of the sale of Precision Dermatology to Valeant Pharmaceuticals, BMP has completed a significant liquidity event, which follows the sale of CardioMEMS to St. Jude Medical by about five weeks. BMP’s acquisition-based core investment strategy once again has resulted in the creation of value for our investors and management teams. The current exit environment is quite strong and we look forward to more favourable transactions in the coming months either through IPOs or acquisition events.”
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