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Private equity in action - Case Study


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Country Belgium
Region Région wallonne
Investor SRIW, Vesalius, Capricorn Partners

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 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.

Jean Combalbert



Our financial backers provided support required to achieve proof-of-concept in clinical phase IIa for the first non-hormonal treatment of hot flashes. Quotation Marks Graphic

employees in 2017


return generated for investors

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

More information



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