ProVen Health VCT, managed by Beringea LLP, has sold its investment in Onyx Scientific in a transaction that valued the company at GBP4.6m.
Onyx Scientific provides a wide range of chemical services to the life sciences industry. In particular, its key focus is scaling up the synthesis of new chemical entities from micrograms to kilograms for pharmaceutical companies. Onyx specialises in medicinal chemistry, pre-clinical development and GMP scale-up, in addition to offering a comprehensive range of analytical services. ProVen Health VCT invested GBP750,000 in Onyx in June 2007.
Onyx was acquired by ICPA, a market leader in anti-malarial and rheumatoid arthritis treatments in India, which also has a rapidly expanding presence in international markets. Following the acquisition, Onyx will become part of Covenance, IPCA’s contract development and manufacturing subsidiary, which has over 260 scientists engaged in API and Formulations development and a network of 13 manufacturing sites.
Commenting on the deal, Stephane Mery, Beringea Partner, says: “We have been very pleased with our investment in Onyx Scientific and are delighted that it has been sold to a company which can help it to capitalise on its expertise in complex chemistry."
