Technology investor MTI has realised its second successful investment in UK company Aquaculture Vaccines Ltd (AVL). The company has been acquired by Schering-Plough Animal Health Corporation, a global research-based pharmaceuticals company, for an undisclosed price. The acquirer is the sixth largest in world animal health markets and AVL will complement its existing veterinary products portfolio.
MTI’s relationship with AVL dates back to 1985 when the venture capitalist made a GBP250,000 investment from its first fund, Managed Technology Investors. This was realised in 1997, returning GBP1.5 million, through a 3i-led buy-in-management-buy-out. MTI’s second fund, MTI Ventures, also participated in this deal. In the five years since the second investment AVL has extended its reach to Southern Europe, the Pacific Rim and South America. It has introduced new vaccines, including the first oral vaccine for fish.
Dr Paul Castle, founder and CEO of MTI, and a director of AVL said: “We at MTI are delighted that AVL has for the second time generated a successful investment for our funds. AVL is an excellent UK-based company with world-class technology and products addressed to the global fish farming industry and is exactly the sort of technology we seek to invest in. Within the Schering-Plough organisation AVL is now able to look forward to its next phase of exciting growth and development.”
AVL develops and sells vaccines and other healthcare products for the fish farming industry to treat species such as salmon, trout, sea bass and sea bream.