Andera Partners announces the $2.1 billion sale of Corvidia Therapeutics to Novo Nordisk. The sale includes a $725 million upfront cash consideration.
This transaction is the first trade sale for the BioDiscovery 5 fund (raised in 2017) and the 17th for the BioDiscovery funds.
PARIS, France –11 June 2020 – BioDiscovery, leading European Life Sciences venture capital team, part of Andera Partners, announced today the sale of its portfolio company Corvidia Therapeutics to Novo Nordisk (NOVOB: Copenhagen). Corvidia Therapeutics is a US-based biotech focused on the research and development of transformative therapies for cardio-renal diseases. The total consideration amounts up to $ 2.1 billion, which includes an upfront payment of $725 million, and up to $1.37 billion in earn-out payments upon achievement of regulatory and sales milestones.
“We had the conviction that interleukin-6 (IL-6), targeted by Corvidia, played a central role in the modulation of inflammation. This solid scientific and medical rationale together with the experienced and impressive management team, and our prior relationship with the company’s CEO, Marc de Garidel (previously CEO of Ipsen, and prior to that Head of Amgen Europe), won us over to invest in Corvidia” states Olivier Litzka, Partner at Andera Partners. In April 2018, BioDiscovery 5 fund invested in the second financing round of Corvidia, totalling $60m, alongside Venrock, Cormorant, HBM, and historic investors Sofinnova, Apple Tree, AstraZeneca and Fresenius. BioDiscovery 5 accompanied Corvidia in the development of its principal drug candidate, Ziltivekimab, and primarily in the preparation and execution of its phase 2b clinical trial.
Following three IPOs in the portfolio, this is the first M&A exit for BioDiscovery 5, occurring still during the fund’s investment period. This transaction exemplifies the strategy of BioDiscovery 5, which starts with a careful identification of investment candidates, and continues through closely assisting portfolio companies in generating value and significant returns for shareholders via M&A exits, as in this case, or via IPOs, as was the case for Axonics, Erytech and LogicBio among BioDiscovery 5 portfolio.