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Idinvest Partners and Kurma Partners sell Prosensa to BioMarin for up to USD840m

BioMarin and Prosensa have reached an agreement whereby BioMarin will offer to purchase all of Prosensa’s outstanding ordinary shares, at USD17.75 per share, for a total consideration of approximately USD680 million. 

In addition, two approximately USD80 million contingent milestones are payable for the approval of drisapersen in the US no later than 15 May 2016 and Europe no later than 15th February 2017, respectively.  

Prosensa is a Dutch biotechnology company engaged in the discovery and development of RNA-modulating therapeutics for the treatment of genetic disorders. Its primary focus is on rare neuromuscular and neurodegenerative disorders with a large unmet medical need, including Duchenne muscular dystrophy, myotonic dystrophy and Huntington’s disease. 

BioMarin Pharmaceutical is an American biotech company known for producing tetrahydrobiopterin and amifampridine. The company is based in Novato, California. 

Benoist Grossmann, Managing Partner of Idinvest Partners, says: “The healthcare sector weighs approximately a quarter of Idinvest’s growth capital portfolio, alongside the digital and environmental technology industries. Prosensa, a specialist in the discovery and development of innovative therapies, has reported highly encouraging results in the treatment of Duchenne muscular dystrophy. Duchenne muscular dystrophy is a disorder that affects 150 to 200 new-born males every year in France. Around 2,500 people are affected by the disease across the country. This deal demonstrates Idinvest’s drive to support tangible and innovative projects that will play a key role in shaping tomorrow’s world”. 

Idinvest Partners, formerly AGF Private Equity led the series B financing closed in December 2008. This exit provides a 7.6X return to the funds managed by Idinvest Partners.

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