Starting life as a spin-out from the University of Brussels, drug discovery business Ogeda raised its last round of funding from a group of venture capital investors, including Capricorn Venture Partners, in 2015. With support from its investors, the company develope fezolinetant, which has potential to treat a number of women’s disorders: hot flashes, uterine fibroids, polycystic ovarian syndrome without the use of hormones.
With phase II studies completed - a major milestone in the company’s development - the business was acquired by Japanese pharmaceutical company Astellas in 2017. The sale value of €500m upfront, with a further €300m on completion of certain milestones, generates a substantial 10x return for Capricorn’s investors.
Our financial backers provided support required to achieve proof-of-concept in clinical phase IIa for the first non-hormonal treatment of hot flashes.
Jean Combalbert CEO, Ogeda
What did the business need?
- Strategic direction
- Partnerships with pharma companies
- Means to develop internal drug pipeline
How did private equity backing create lasting value?
- Provided strategic advice to create commercially viable and attractive business
- Refocused business from chemistry service provider to drug development company
- Funded the clinical development of fezolinetant from concept to phase II
- Assembled experienced management team and board of directors to drive Ogeda’s development
What outcomes did private equity investment achieve?
- Created an attractive, valuable drug development company
- Supported the development of a new, potentially revolutionary treatment for women’s health issues without the use of hormones
- Created a business employing 40 people
- Placed Ogeda on long-term, sustainable growth path through sale to Astellas
- Generated substantial returns to investors
employees in 2017
return generated for investors
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