Gimv fully exits Ablynx

Ablynx floated on the Euronext Brussels in November 2007, raising a total of €86.25m and giving the company a market cap of €243m.

Alongside Gimv, the Biotech Fonds Vlaanderen vehicle also fully exited Ablynx, selling its 2.28% stake. Biotech Fonds Vlaanderen is a venture capital fund managed by Gimv and created by FlandersBio, a non-profit organisation focused on the life sciences sector in Flanders.

At the beginning of 2013, Gimv still held a stake of 5.97% in Ablynx, while Biotech Fonds Vlaanderen owned 6.04%. The divestment of the combined 12.01% stake of Gimv and Gimv-managed Biotech Fonds Vlaanderen has generated total proceeds of €60m since the beginning of the year, resulting in an IRR of 12% for Gimv.

Gimv has been a backer of Ablynx since its early-stage days. The firm jointly injected €5m into the business in September 2002 alongside Gilde Investment Management and Sofinnova Partners.

The three firms then followed this on with a further €25m in March 2004 alongside Alta Partners, via its Alta Biopharma 2 fund; Abingworth Management, via its $350m Abingworth Bioventures IV fund; and Biotech Fonds Vlaanderen.

The syndicate then pumped another €40m into Ablynx in August 2006, with new investors SR One and KBC Private Equity also taking part, the latter of which provided €7m to the total, according to unquote" data.

Company
Founded in 2001, Ablynx is headquartered in Ghent and currently employs 278 staff. The company recorded turnover of €26.7m in 2012. The listed company now has a market cap of approximately €370m.

Ablynx develops nanobodies, which are therapeutic proteins designed for use in the development of drugs for the treatment of human diseases, including inflammation, haematology, oncology and respiratory diseases. The company currently has six nanobodies in clinical development.

People
Edwin Moses is the CEO of Ablynx. Patrick Van Beneden is a partner at Gimv as well as the firm's biotech specialist in the healthcare team.

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