Sunstone Capital exits Zymenex to Chiesi Group

Karin Wasteson
28 August 2013

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Sunstone Capital has agreed to sell Danish biopharmaceutical group Zymenex to Italian pharmaceutical company Chiesi Group.

Terms of the transaction, which constitutes Chiesi's first investment in the rare-disease space, were not disclosed. The acquisition of Zymenex includes Lamazym, a phase III recombinant enzyme used to treat patients suffering from alpha-Mannosidosis.

Sunstone is a venture investor with a strategy to sell when a portfolio company has reached clinical proof of concept, and it deemed Chiesi to have the global reach to develop Zymenex further.

Chiesi is a biopharmaceutical group focused on research and development of innovative biologic therapeutics for the treatment of rare and life-threatening genetic diseases.

Chiesi aims to gradually integrate Zymenex into its research and development structure, retain the Zymenex and Lamazym brands, and give the company access to high-potential markets. The group is also considering setting up a standalone rare disease unit that would cover all major geographies including the US, according to Chiesi chief executive officer Ugo Di Francesco.

Previous funding
Sunstone Capital first invested in Zymenex via its Sunstone Life Science Ventures Fund I in 2000. The Denmark-based, €160m venture fund specialises in healthcare and life sciences, with a geographic focus on Denmark, Finland, Norway, Sweden and the UK.

Its portfolio companies include Santaris Pharma, Vivostat and Jurag Seperation. Past investments include Chempaq, Natimmune, PreciSense and Zymenex.

Company
Founded in 1998 and headquartered in Hilleroed, near Copenhagen, Zemenex researches and develops innovative biologic therapeutics for the treatment of rare and life-threatening genetic diseases. It also has a research laboratory in Stockholm.

People
Sunstone partner Sten Verland is chairman of Zymenex's board. Ugo Di Francesco is chief executive officer of Chiesi.

Advisers
Company – Back Bay Life Science (Commercial due diligence).