The Novo 2 Fund, which is managed by Tikehau IM, has finalised its participation in a Euro PP private placement for the Laboratoire Français du Fractionnement et des Biotechnologies (LFB). The Fund invested EUR25 million in this EUR124 million unlisted bond issue maturing in 2023.
LFB, a public-sector corporation, was established in 1994 and is now wholly owned by the French state. It develops, manufactures and sells biomedicines to treat serious and often rare diseases in the fields of immunology, hemostasis, prenatal disorders and intensive care.
As the French leader and number six player worldwide in plasma-derived medicines, LFB is also one of the top European companies specialised in developing and producing proteins and innovative treatments developed from biotechnologies. In 2015, the French state, which owns LFB, participated fully in a EUR230 million capital increase.
LFB’s 2014 revenues reached almost EUR502m, including 28 per cent generated internationally. Its medicines are distributed in more than 40 countries.
LFB has more than 2000 employees, approximately 20 per cent of whom are based outside France, and produces medicines in five bio-production units (four in France and one in the United States).
This private placement will assist LFB in its expansion, particularly the construction in the Arras (France) metropolitan area of a new-generation “Usine 2020” unit designed for the industrial production of plasma-derived medicines.
Novo 2, a fund designed to support France’s economic growth, was set up by the CDC and 27 insurances companies. Its main purpose is to provide loans to growing small and medium-sized companies by directing available savings towards financing their innovation and expansion. Since its official launch in October 2013, Novo 2 has invested more than EUR309m on 16 issuers with an average maturity of 6.5 years – this represents more than 87% of the total amount entrusted to Tikehau IM.
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