TRACK RECORD

Over the past 25 years, we have provided start-up and growth capital to more than 100 companies. Operating at the forefront of medical innovation, these companies often explore uncharted territory. Inherently, such companies are not without risk. By applying our expertise, knowledge and experience, by leveraging our global networks and by supporting our inventors in making the right strategic choices, we have succeeded in building a robust investment track record.

 

The infographic below shows some of the major corporate milestones in our history. Next to this it highlights some of the most noteworthy transactions that have cemented our reputation. By clicking on the logo, you can read details of each transaction.

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Over the years, we have raised more than €1 billion from a global investor base

2

Selection of successful sales and IPO’s

1996 – IPO

1996 IPO ON NASDAQ

As one of the global leaders in the analysis of biological samples and a market capitalization in excess of USD 5 billion, Qiagen was originally spun out of the University of Dusseldorf back in the mid-1980s. Today, over 500,000 scientists across the globe use Qiagen’s technologies and products for their analyses.

As one of the global leaders in the analysis of biological samples and a market capitalization in excess of USD 5 billion, Qiagen was originally spun out of the University of Dusseldorf back in the mid-1980s. Today, over 500,000 scientists across the globe use Qiagen’s technologies and products for their analyses. The company has over 4,000 employees worldwide and sales in excess of USD 1.2 billion. We supported Qiagen's initial period of growth by providing capital very early on, paving the way for the company to go public on the NASDAQ in 1996 - a first for a Germany company. It resulted in a significant financial return for its investors.

1996 – IPO

1999 – IPO

1999 IPO ON BÖRSE FRANKFURT

In a similar way to our investment in Qiagen, our investment in Rhein Biotech has had a big impact on the trajectory of our firm. Together, they have empowered us to become the healthcare investor we are today.

In a similar way to our investment in Qiagen, our investment in Rhein Biotech has had a big impact on the trajectory of our firm. Together, they have empowered us to become the healthcare investor we are today. At a time when healthcare investing was still in its infancy, we provided capital to a small German healthcare company that was spun out from the University of Dusseldorf, and whose technology base is applied to the production of vaccines. At the time, its approach was completely novel and innovative. Following a number of capital infusions, and in spite of a series of setbacks and challenges that inter alia required LSP to replace the company’s CEO, Rhein Biotech became a success. In 1999, the company went public and raised €25 million in its IPO. In 2002, the company was acquired by Berna Biotech in a deal valued at €250 million. This resulted in a significant financial returns for its investors. In 2006, Berna Biotech in turn was acquired by Crucell, yet another LSP portfolio company. This deal was valued at €450 million. Crucell, in turn, was then itself acquired by J&J in 2010 for USD 2.6 billion.

1996 – IPO

2000 - IPO

2000 IPO ON NYSE EURONEXT

Crucell is effectively the result of the merger of two of our companies and the acquisition of a third, leading to Crucell becoming one of the world’s major independent vaccine players. Little over a decade ago, we made a seed investment in a one-employee start-up company spun out of the University of Utrecht in The Netherlands.

Crucell is effectively the result of the merger of two of our companies and the acquisition of a third, leading to Crucell becoming one of the world’s major independent vaccine players. Little over a decade ago, we made a seed investment in a one-employee start-up company spun out of the University of Utrecht in The Netherlands. This company had developed a technology that allowed the development of antibody based medicines. Simultaneously, we also invested in a company spun out of the University of Leiden that inter alia had developed a technology that allowed the production of all sorts of biopharmaceutical products, including vaccines and antibodies. Working closely with both companies’ management teams, directors and major shareholders, and seeing the complementarity of the two companies, we helped engineer a merger of the two. Soon after, the company went public, raising close to €150 million in its IPO. At that time, we were the company’s single largest shareholder. This resulted in a significant financial return for LSP and its investors. Crucell then made a decision to grow further via M&A, leading to its acquisition of Berna Biotech in 2006, the company that in turn had acquired Rhein Botech in 2002, yet another of our earlier investment success stories. As a result, Crucell grew to become one of the largest independent vaccine players in the world, leading to the acquisition of Crucell by J&J for USD 2.4 billion in cash in 2010.

1996 – IPO

2005 - IPO

2005 IPO ON NYSE EURONEXT

Having already participated in the company’s first institutional investment round, DevGen is a prime example of a company where our original investment case required significant adjustment before becoming a success. Our investment case was based on the belief that DevGen’s technology base would have significant value in the development of new medicines.

Having already participated in the company’s first institutional investment round, DevGen is a prime example of a company where our original investment case required significant adjustment before becoming a success. Our investment case was based on the belief that DevGen’s technology base would have significant value in the development of new medicines. However, following our first investment and advancements made by other companies with competing technologies, it became increasingly more challenging for DevGen to compete effectively in the space. The company needed to adjust its strategy and reposition itself completely. Rather than applying its technology base to the development of new medicines, the company began applying it to the development of applications in the field of agriculture, e.g. seeds and crop protection. As a result of progress that followed its new strategic direction, the company went public raising close to €30 million in its IPO. This IPO and the subsequent share price appreciation resulted in a significant return on investment for LSP and its investors. Later, DevGen was acquired by one of the world’s largest crop players, Syngenta, for more than €400 million in cash in 2012. In this particular case, a change in strategy and positioning proved to be the right decision.

1996 – IPO

2006 - IPO

2006 IPO ON BÖRSE FRANKFURT

Jerini Pharmaceuticals is an example of one of our later-stage investments that was primarily based on the potential of one relatively advanced product that had promise to satisfy a significant unmet medical need. When we took an interest in the company, it was on the verge of repositioning itself from a technology service company to a product development company.

Jerini Pharmaceuticals is an example of one of our later-stage investments that was primarily based on the potential of one relatively advanced product that had promise to satisfy a significant unmet medical need. When we took an interest in the company, it was on the verge of repositioning itself from a technology service company to a product development company. As a result, the company had acquired a product from another pharmaceutical company. This product, we believed, had significant potential for the treatment of a debilitating and potentially life-threatening genetic disease called Hereditary Angioedema. Following a number of capital infusions, this drug successfully completed clinical trials. This allowed the company to go public and raise USD 50 million in its IPO. Within a year of its IPO, the company was acquired by Shire Pharmaceuticals for more than USD 520 million in cash. This resulted in a significant financial return for LSP and its investors.

1996 – IPO

2006 - SALE

2006 SALE TO ASTRA ZENECA

Kudos Pharmaceutical is an example of one of our early-stage investments that was based on the potential of a novel approach to treating cancer. The company was spun out of the University of Cambridge, based on a technology platform that targeted the inhibition of DNA repair.

Kudos Pharmaceutical is an example of one of our early-stage investments that was based on the potential of a novel approach to treating cancer. The company was spun out of the University of Cambridge, based on a technology platform that targeted the inhibition of DNA repair. Following a number of capital infusions and having validated the technology platform to a point that allowed a larger company to take it on board, we worked closely with the company’s management, directors and its major shareholders to achieve a trade sale. This led to the acquisition of Kudos by the pharmaceutical company AstraZeneca, enhancing their ability to generate novel cancer treatments. The company was acquired for more than USD 200 million in cash. This resulted in a significant financial return for LSP and its investors.

1996 – IPO

2006 - SALE

2006 SALE TO PHARMING

DNAge is an example of one of our very early-stage investments. As a one-employee spin-off from the Erasmus University Rotterdam in The Netherlands, we seeded the company around ground-breaking research targeting the development of therapeutics for unmet medical needs associated with aging.

DNAge is an example of one of our very early-stage investments. As a one-employee spin-off from the Erasmus University Rotterdam in The Netherlands, we seeded the company around ground-breaking research targeting the development of therapeutics for unmet medical needs associated with aging. Within two years, the company was acquired by another biotechnology company for an undisclosed amount that resulted in a significant financial return its investors including LSP - the company’s single largest shareholder.

1996 – IPO

2008 - SALE

2008 SALE TO DAIICHI SANKYO

U3 Pharma was spun out of the Max Planck Institute of Biochemistry in Martinsried, Germany, and is a prime example of an early-stage, hands-on investment case by LSP. The company was founded by Professor Axel Ullrich, whose pioneering gene technology-based and oncology-focused research had already led to the development of the oncology blockbusters Herceptin from Genentech and Sutent from Pfizer.

U3 Pharma was spun out of the Max Planck Institute of Biochemistry in Martinsried, Germany, and is a prime example of an early-stage, hands-on investment case by LSP. The company was founded by Professor Axel Ullrich, whose pioneering gene technology-based and oncology-focused research had already led to the development of the oncology blockbusters Herceptin from Genentech and Sutent from Pfizer. U3 Pharma was based on his research and we supported its growth via a number of subsequent capital infusions. Working closely with its management, directors and major shareholders, we supported the acquisition of U3 Pharma by the Japanese Pharmaceutical company Daiichi Sankyo for USD 235 million in cash in 2008. This resulted in a significant return for LSP and its investors. At the time of the acquisition, U3 Pharma's pipeline of novel targeted therapeutics included programs focusing on antibodies as potential therapies for breast, lung and colorectal cancers, among others.

1996 – IPO

2010 - IPO

2010 IPO ON NASDAQ OMX

Zealand Pharma is a Danish company that we invested in when it was on the verge of becoming a later-stage company. In 2010, the company went public, raising €50 million in its IPO

Zealand Pharma is a Danish company that we invested in when it was on the verge of becoming a later-stage company. In 2010, the company went public, raising €50 million in its IPO. It is a prime example of an innovative biotech company that has attracted interest from the pharmaceutical industry at a point where its products had passed the initial hurdle of innovation. Our first investment in the company back in 2005 has allowed the company to take that hurdle. Since, Zealand has struck a number of partnerships with some of the leading pharmaceutical companies in the world such as Sanofi, AbbVie and Lilly. With Zealand’s innovative approach to treating diabetes, it has the potential to become a leader in this field.

1996 – IPO

2010 - SALE

2010 SALE TO SHIRE

Working together with its management team, we successfully spun a number of gastrointestinal products out of the pharmaceutical division of J&J. We founded a new Belgian company around them and provided this newly established company with fresh capital.

Working together with its management team, we successfully spun a number of gastrointestinal products out of the pharmaceutical division of J&J. We founded a new Belgian company around them and provided this newly established company with fresh capital. This enabled those assets to develop further. Within three years of the company's founding, and in a challenging IPO climate, the company went public and raised approximately €100 million in its IPO thanks in part to the significant advancements made since LSP’s initial investment and the value created thereafter. Within a year of the IPO, and based on the commercial potential of its products at that point in time, Movetis was acquired by Shire Pharmaceuticals for €430 million in cash in 2010. This resulted in a significant return on investment for LSP and its investors.

1996 – IPO

2010 - SALE

2010 SALE TO CR BARD

FlowCardia is an example of one of our early-stage investments in the medical device space. Via two subsequent capital infusions, we supported Flowcardia in its strategy to design and develop innovative technologies to facilitate the crossing of totally occluded coronary and peripheral arteries.

FlowCardia is an example of one of our early-stage investments in the medical device space. Via two subsequent capital infusions, we supported Flowcardia in its strategy to design and develop innovative technologies to facilitate the crossing of totally occluded coronary and peripheral arteries. We considered this to be a major clinical challenge in interventional cardiology. The investment case was built on the company’s strategy to develop its products to the point where a larger company would be interested in taking over the responsibility for the commercial launch of these products. Working closely with the company’s management team, its directors and major shareholders, we supported the strategy to find such a party and execute on a trade sale. This resulted in the acquisition of Flowcardia by CR Bard, a global leader in the field of cardiology, for an undisclosed amount.

1996 – IPO

2012 - SALE

2012 SALE TO EDWARDS

BMEYE is an example of one of our early-stage investments in the medical device space. Via several small capital infusions we supported BMEYE, a spin-off from the Dutch research institute TNO, in developing a non-invasive technology for advanced hemodynamic monitoring.

BMEYE is an example of one of our early-stage investments in the medical device space. Via several small capital infusions we supported BMEYE, a spin-off from the Dutch research institute TNO, in developing a non-invasive technology for advanced hemodynamic monitoring. Hemodynamic monitoring is the measurement of blood circulation and cardiac function that allows clinicians to evaluate whether enough oxygen is being delivered to a patient’s tissue. By applying a cuff to the patient’s finger, the company’s technology offers the potential for providing continuous, non-invasive, real-time patient information to clinicians, such as cardiac output, blood pressure, fluid responsiveness and other important hemodynamic parameters. Our investment enabled the development of BMEYE’s patient monitoring products to the point where the company gained approval to sell its products in the US and Europe. Working closely with the company’s management, its directors and major shareholders, we supported the strategy to find a suitable partner for the company, and one better positioned to launch BMEYE’s products in those markets. This resulted in the acquisition of BMEYE by Edwards Life Sciences, the global leader in hemodynamic monitoring, in 2012 for close to USD 50 million in cash. As BMEYE’s largest shareholder, this sale resulted in a significant financial return for LSP and its investors.

1996 – IPO

2013 - SALE

2013 SALE TO GSK

Together with its management team, we spun an early stage vaccine development technology platform out of the Italian vaccines division of Merck, in which the latter had lost strategic interest. We created a new Swiss company around it and provided the newly established company with fresh capital in just two subsequent rounds of financing.

Together with its management team, we spun an early stage vaccine development technology platform out of the Italian vaccines division of Merck, in which the latter had lost strategic interest. We created a new Swiss company around it and provided the newly established company with fresh capital in just two subsequent rounds of financing. As a result, the company was able to develop its technology into a unique vaccine platform, across which highly innovative vaccines can be developed for serious diseases such as Malaria, Hepatitis C, HIV, RSV and Ebola. The commercial attractiveness of this platform, and the potential value of the vaccines that could be developed using it, resulted in the acquisition of Okairos by the pharmaceutical company GlaxoSmithKline for €260 million in cash in 2013. This resulted in a significant cash multiple for LSP and its investors.

1996 – IPO

2015 - SALE

2015 SALE Prosensa

Prosensa is a prime example of an early stage and hands-on investment by LSP. Dutch Prosensa was spun out of the Medical University of Leiden in The Netherlands. Its technology held significant promise in the development of treatments for certain rare genetic diseases.

Prosensa is a prime example of an early stage and hands-on investment by LSP. Dutch Prosensa was spun out of the Medical University of Leiden in The Netherlands. Its technology held significant promise in the development of treatments for certain rare genetic diseases. Its prime focus has been on the development of treatments for Duchenne Muscular Dystrophy or DMD, a genetic disorder leading to severe muscle weaknesses. In 2013, the company went public and raised close to USD 100 million in its IPO on the NASDAQ. At that time, LSP was still one of the company’s largest shareholders and was also still represented on its board of directors until the company got acquired in early 2015 by BioMarin for USD 840 million in cash and milestones.

1996 – IPO

2014 - IPO

2014 IPO arGEN-X

arGEN-X is a company developing antibody therapeutics for treatment of cancer and autoimmunity diseases. Using its unique and proprietary platform, the company can generate antibody therapeutics against complex disease targets where other technologies fail.

arGEN-X is a company developing antibody therapeutics for treatment of cancer and autoimmunity diseases. Using its unique and proprietary platform, the company can generate antibody therapeutics against complex disease targets where other technologies fail. The platform has been validated through collaborations with leading pharmaceutical companies which could result in more than $1 billion in future revenues. We were early investors in the company and have been actively involved ever since. In 2014, the company went public and raised approximately €42 million in its IPO on Euronext. As one of the company’s largest shareholders, LSP is represented on its board of directors.

1996 – IPO

2014 - IPO

2014 IPO Celladon

Celladon Corporation, is a clinical-stage biotechnology company, focused on developing treatments for heart failure, diabetes, and neurodegenerative diseases. The company’s lead product candidates include MYDICAR that uses genetic enzyme replacement therapy for heart failure patients.

Celladon Corporation, is a clinical-stage biotechnology company, focused on developing treatments for heart failure, diabetes, and neurodegenerative diseases. The company’s lead product candidates include MYDICAR that uses genetic enzyme replacement therapy for heart failure patients. The MYDICAR product is developed to treat patients with systolic heart failure, diastolic heart failure, and advanced heart failure, as well as to treat pulmonary arterial hypertension. LSP was a mid-stage investor in the company and was actively involved on its Board of Directors up to the time of its IPO. In 2014, the company went public and raised close to USD 50 million in its IPO on the NASDAQ.

1996 – IPO

2014 - IPO

2014 IPO Affimed

Affimed is an innovative German company spun out of the DKFZ (German Cancer Research Center) in Heidelberg.

Affimed is an innovative German company spun out of the DKFZ (German Cancer Research Center) in Heidelberg. Affimed's antibody product candidates are being developed in the field of immuno-oncology, to harness the body's own immune defenses to fight tumor cells. We were early-stage investors in the company and have been actively involved in its development ever since. In 2014, the company went public and raised close to USD 60 million in its IPO on the NASDAQ.

1996 – IPO

2014 - SALE

2013 SALE Activaero

Activaero is a prime example of a hands-on LSP investment in a medical device company. At the time of our investment, the first and until the sale of the company in 2014, the only venture round structured for the company, Activaero had developed an innovative device to more efficiently deliver drugs via inhalation to the lungs.

Activaero is a prime example of a hands-on LSP investment in a medical device company. At the time of our investment, the first and until the sale of the company in 2014, the only venture round structured for the company, Activaero had developed an innovative device to more efficiently deliver drugs via inhalation to the lungs. The non-efficient delivery of respiratory drugs to the lungs being a key drawback of the many existing devices used by patients around the world. Our investment enabled the company to perform a crucial clinical trial using its device in combination with known respiratory drugs, for the purpose of showing clinical benefit to patients. Basically, the trial was set up to show that medication could be delivered much more efficiently deep into the lungs of asthma patients using the Activaero device, resulting in a better clinical effect while using less drugs at the same time. This trial showed very strong results, meaning a potential improvement in the effective and safe treatment of asthma and other respiratory diseases. As a consequence, we established contact to UK based Vectura, a leader in the development of respiratory drugs and a logical partner for Activaero. Such because Vectura had a number of respiratory drugs in development and could make use of the Activaero’s device. As a result, Vectura made an offer to acquire Activaero for € 130 million.

1996 – IPO

2014 - SALE

2014 SALE Sapiens

Dutch/German company Sapiens was spun out of Royal Philips Electronics back in 2011. LSP financed the company from its inception and has actively been involved in its development since. Sapiens is targeting the treatment of tremor symptoms associated with Parkinson’s.

Dutch/German company Sapiens was spun out of Royal Philips Electronics back in 2011. LSP financed the company from its inception and has actively been involved in its development since. Sapiens is targeting the treatment of tremor symptoms associated with Parkinson’s. What the company has developed is a technology that involves the implantation of a pacemaker-like device into a patient’s brains, enabling to deliver mild electrical impulses to specific parts of the brain. This is known as “Deep Brain Stimulation” or DBS. Research suggests that DBS modulates brain activity, thereby suppressing disease symptoms typical in a number of serious neurological disorders, such as Parkinson’s. The world’s leader in DBS – Medtronic - decided to make a € 150 million bid for the company three years after Sapiens’ was incepted, based on the future potential of its technology. We share Medtronic’s belief that the Sapiens technology – once fully developed - has the potential to transform the way physicians are able to treat patients with neurodegenerative diseases, such as Parkinson’s.

1996 – IPO

2014 - IPO

2014 IPO Probiodrug

Probiodrug AG is an innovative German biopharmaceutical company located in Halle/Saale and focused on the development of novel disease modifying therapeutics for the treatment of Alzheimer’s disease (AD).

Probiodrug AG is an innovative German biopharmaceutical company located in Halle/Saale and focused on the development of novel disease modifying therapeutics for the treatment of Alzheimer’s disease (AD). Probiodrug has identified a new therapeutic concept linked to disease initiation and progression. The lead product is in clinical phase IIa development. In 2014, the company went public and raised € 22.5 million in its IPO on Euronext Amsterdam.

1996 – IPO

2015 - IPO

2015 IPO Curetis

Curetis N.V. is an innovative molecular diagnostic company with its operations located in Holzgerlingen/Germany. Curetis develops and markets rapid solutions for the diagnosis of severe infectious diseases in hospitalized patients.

Curetis N.V. is an innovative molecular diagnostic company with its operations located in Holzgerlingen/Germany. Curetis develops and markets rapid solutions for the diagnosis of severe infectious diseases in hospitalized patients. Curetis offers a unique diagnostic platform for the simultaneous and rapid detection of infectious pathogens and their antibiotic resistances at an early stage. The platform applies to indications like pneumonia, tissue infections, tuberculosis, sepsis and other severe infections. The platform as well as cartridges for pneumonia and tissue infections are CE marked and marketed. In 2015, the company went public and raised over € 40 million in its IPO on Euronext Amsterdam.

1996 – IPO

2015 - IPO

2015 IPO Kiadis

Kiadis Pharma is a clinical stage biopharmaceutical company located in Amsterdam, The Netherlands, targeting the development of new treatments for blood cancers and other blood disorders.

Kiadis Pharma is a clinical stage biopharmaceutical company located in Amsterdam, The Netherlands, targeting the development of new treatments for blood cancers and other blood disorders. The company’s lead product candidate is currently in a Phase II clinical trial. In July 2015, the company went public on the Euronext Amsterdam stock exchange.

1996 – IPO

 

2013 – Sale Okairos: €260M

Together with its management team, we spun an early stage vaccine development technology platform out of the Italian vaccines division of Merck.

Together with its management team, we spun an early stage vaccine development technology platform out of the Italian vaccines division of Merck, in which the latter had lost strategic interest. We created a new Swiss company around it and provided the newly established company with fresh capital in just two subsequent rounds of financing. As a result, the company was able to develop its technology into a unique vaccine platform, across which highly innovative vaccines can be developed for serious diseases such as Malaria, Hepatitis C, HIV, RSV and Ebola. The commercial attractiveness of this platform, and the potential value of the vaccines that could be developed using it, resulted in the acquisition of Okairos by the pharmaceutical company GlaxoSmithKline for €260 million in cash in 2013. This resulted in a significant cash multiple for LSP and its investors.

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TRACK RECORD

Over the past 25 years, we have provided start-up and growth capital to more than 75 companies. Operating at the forefront of medical innovation, these companies often explore uncharted territory. Inherently, such companies are not without risk. By applying our expertise, knowledge and experience, by leveraging our global networks and by supporting our inventors in making the right strategic choices, we have succeeded in building a robust investment track record.