Gimv, Sofinnova, Gilde exit Breath Therapeutics for €500m

The management team will continue to lead the company following the transaction.

During the firms' holding period, the company set up a syndicated financing structure and established an expert team in Europe and the US.

For listed evergreen investor Gimv, this exit has had an immediate positive impact of around €20m on its NAV as of 31 March 2019. Gimv has realised a return on this investment, which is far above its long-term target of 15%, according to a statement. The firms are exiting the company after a two-and-a-half-year holding period.

The company currently has two global phase-III trials currently underway for inhalation therapies for bronchiolitis obliterans syndrome, an orphan lung disease with a fatal outcome and no therapies yet approved.

Previous funding
In 2017, Gimv and Sofinnova co-led a €43.5m series-A funding round for the company, with participation from Gilde. Gimv used capital from its €150m Health & Care Fund.

Company
Founded in 2016, Breath Therapeutics specilases in advanced inhalation therapies for severe respiratory diseases. Headquartered in Munich, the company also operates an office in Menlo Park. The company employs around 20 people, according to LinkedIn.

People
Gimv – Karl Nägler (partner).
Sofinnova Partners – Graziano Seghezzi (managing partner).
Breath Therapeutics – Jens Stegemann (CEO).

Advisers
Company – Leopoldo Zambeletti (corporate finance).

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• Topics
• Exits
• DACH
• Healthcare
• Germany
• Gimv
• healthcare
• Sofinnova Partners
• Gilde Buy Out Partners
• Trade sale