Calculus makes 34.3% IRR on Horizon Discovery exit

The sale of Calculus's final block of shares constituted a 1.82x money multiple, while the overall investment saw a return of 160% to its investors over three years and three months, when factoring in the income tax relief enjoyed by Enterprise Investment Scheme investors.

Horizon listed on London's AIM market in March 2014, providing a partial exit for the investor consortium backing it.

The exit also ends Calculus's involvement in Horizon, which it first backed in May 2013.

Previous funding
Horizon first received institutional backing in April 2008, when it raised $298,000 from Cambridge Enterprise Seed Fund. Two years later, the company raised £6.25m in a series-C round of funding led by DFJ Esprit.

In September 2011, Horizon increased its series-C to £11.3m when MVM Life Science Partners joined the investor base.

Calculus joined in March 2013 alongside ParkWalk and Providence Investment Company, as well as existing backers, in injecting £6.9m of capital – bringing the total raised to £18.2m.

In March 2014, Horizon listed on London Stock Exchange's AIM bourse, raising £68.6m at a market cap of £120.5m.

Company
Founded in 2005, Cambridge-based Horizon is a biotech business developing a translational genomics platform, Genesis, which provides a set of gene-editing tools. The technology is used for research into, and treatment of, genetic diseases.

People
Calculus Capital – John Glencross (CEO).

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