Direvo Biotech AG (Germany) - Oct 2007

unquote
01 October 2007

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Investors

TVM Capital and Bankhaus Wölbern have jointly led a €12m series-C financing round in German biotechnology company Direvo Biotech AG. Additionally, new investor NRW Bank joined the round with its venture capital funds. All existing investors including Danisco Venture AS, S-Equity Partner, Mulligan BioCapital and Signet Healthcare Partners also committed to the round.

As part of this financing round, the company’s founders Evotec AG together with the former management wholly sold their common shares in the company to the investors.

Direvo will use the new capital to fund its further product development in the field of industrial biotechnology; research programmes in the therapeutic proteases and antibodies; the enhancement of technical capabilities of production process development and biodiversity.

Previously, the company had raised €10.5m from a Danisco Venture-led consortium in December 2002 (January 2003, page 14) and €8.75m in a first round of funding led by TVM Capital. Company

Cologne-based Direvo Biotech AG was founded in July 2000 by Hamburg-based Evotec AG and Direvo’s management team. The company manufactures bioengineered products and processes for industrial and pharmaceutical markets. Its portfolio includes optimised proteins and bioprocesses as well as other bio-molecules, to be used in research for commercial development and on the market.

People

Dr Hubert Birner led the investment for TVM Capital, while Dr Eric Hirsch represented Bankhaus Wölbern.

Sourced from: Deutsche unquote" 93 (Nov 2007)