VC-backed Profibrix sold to big pharma

Ellie Pullen
06 August 2013

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Index Ventures, Gilde Healthcare Partners, Vesalius Biocapital and Inkef Capital have sold Dutch biotech firm Profibrix to The Medicines Company for a total consideration of $240m.

The Medicines Company paid $10m upfront in June as a precursor to the deal, which was to be executed depending on the phase III trial results of Profibrix's product, Fibrocaps. A further $90m has now been paid.

The transaction comes with an agreement to pay Profibrix's shareholders an additional $140m, subject to achieving "agreed-upon US and European regulatory approvals and sales milestones".

Profibrix first received funding from Index Ventures in March 2007. The venture capital firm led the €8.5m round for the company. This was followed in August 2009 by an €8m capital injection from Index and new investor Gilde Healthcare Partners, which invested via its €125m Gilde Healthcare II fund.

Both investors then took part in a third funding round led by new investors Vesalius Biocapital and Inkef Capital. The consortium of firms invested alongside a government credit, with the overall sum raised by Profibrix in the round totalling €15m.

Company
Profibrix was founded in 2004. The company is headquartered in Leiden, with an additional office in Seattle, and currently employs 25 staff.

Profibrix develops products for the hemostasis and regenerative medicine markets using fibrinogen technology. Fibrinogen is a natural blood protein in humans that is fundamental to the healing of tissue and blood clotting.

The company's main product at the centre of this transaction, Fibrocaps, is a dry powder topical formulation made from a mixture of two blood clotting proteins, fibrinogen and thrombin. The powder is designed to stop bleeding during or after surgery.

People
Jan Öhrström is the CEO of Profibrix. Prior to the transaction, Profibrix's supervisory board comprised Index partner Francesco de Rubertis; Gilde Healthcare partner Dirk Kersten; Vesalius partner Alain Parthoens and Inkef founder Frank Landsberger.

Advisers
Company – Barclays (Corporate finance); ABN Amro (Corporate finance); Dechert (Legal); Loyens & Loeff (Legal).
Acquirer – Bank of America Merrill Lynch (Corporate finance); WilmerHale (Legal).