Investee Company – RiboTargets Ltd (UK)
Investee Company Business Type – A biopharmaceutical company
Type of Financing – Development
Equity Providers – JP Morgan Partners, OrbiMed Advisors, Apax Partners Funds, 3i, Advent Venture Partners, NIB Capital NV and Quester.
Equity Leader (Individual) – Philip Rattle, director of JP Morgan Partners
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £32 million
Total Deal Value – £32 million
Other Advisors – N/A
Comments – RiboTargets Ltd, a biopharmaceutical company that specialises in anti-infective research and development, has secured a £32 million third round of financing from a consortium of investors. JP Morgan Partners led this round of funding and was joined by another new investor OrbiMed Advisors. Previous investors Apax Partners Funds, 3i, Advent Venture Partners, NIB Capital NV and Quester also participated in what is one of the largest European private equity rounds for a biotechnology company in 2001.
Established in 1997, RiboTargets is a privately-owned pharmaceutical company that uses structure-based design to rapidly identify and develop novel therapeutic pharmaceuticals. Its therapeutic interests include antibacterial and antiviral agents (including HIV and Hepatitis C).
RiboTargets will use the funds to broaden its research and development activities. This will include the recruitment of additional staff, the enhancement of the company’s capabilities in X-ray crystallography, the expansion of existing antibiotic and anti-viral programmes, the development of research activities into oncology, and to progress a number of innovative anti-infective compounds into pre-clinical and clinical development.
Simon Sturge, CEO of RiboTargets, said: “We are delighted that our existing investors and two new and important global life sciences investors have participated in the financing. Their commitment underlines the company’s potential and validates RiboTargets’ technology platform and scientific approach”.
Philip Rattle, director of JP Morgan Partners, said: “RiboTargets is a highly innovative company spanning the antibiotic, antiviral, and anticancer drug development areas. With its strong management team and excellent scientific base, we are confident that RiboTargets will achieve its development objectives.”