Sofinnova Partners in record sale of CoreValve

Sofinnova Partners has sold its portfolio company CoreValve to Medtonic for $700m, with additional payments reserved for meeting agreed milestones. Sofinnova was the largest shareholder in the company, which also had HealthCap, Apax Partners and Maverick invested in it.

With returns of more than 10x on Sofinnova's original investment from its fourth fund, the exit is the largest in Sofinnova's history. Sofinnova has since stated that it is in line to hit its EUR300m fundraising target scheduled for the summer, with the exit having been a likely catalyst in wetting LP appetite.

CoreValve is a biotech company that facilitates percutaneous aortic valve replacement (PAVR) via its ReValving System which can be used as an alternative to open-heart surgery. CoreValve's ReValving System is available in 125 hospitals globally although the technology is not yet available in the US. While the company has relocated to Irvine in the US, it was originally founded in Paris (Page 52).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• France