VC backers divest GlycoVaxyn to GSK

The company has an enterprise value of $212m, having raised CHF 50m in growth capital over three funding rounds.

The deal marks the seventh trade sale from the EdRip's BioDiscovery 3 vehicle.

GlycoVaxyn signed a collaboration agreement with GSK in 2012.

Previous funding
Sofinnova Partners and Index Ventures invested CHF 11.5m in the company's series-A round in July 2007.

EdRIP led GlycoVaxyn's CHF 25m series-B round in March 2009 alongside the previous investors. It was the second investment from BioDiscovery 3, a life sciences investment fund raised in 2008. The vehicle made 14 investments, three of which are still held by EdRIP.

A third funding round in 2013 from the existing investors saw an additional CHF 8.4m invested in the company. The Wellcome Trust committed CHF 5.1m as part of a strategic translation award.

Company
Founded in 2004, GlycoVaxyn has developed a biological platform that enables the development of new vaccines against bacterial infections. The vaccines are used to prevent pneumonia and meningitis, among other infections.

GlycoVaxyn is a spinout of the Swiss Federal Institute of Technology in Zurich. It is in phase-one testing of a vaccine candidate against E.coli infections and plans to begin phase-one testing for a vaccine against severe diarrhoea in the near future. It employs 50 people.

People
Gilles Nobecourt is a partner at EdRip. Michael Wacker is co-founder of GlycoVaxyn.

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