VC-backed Canbex sold to Ipsen

Ipsen has made a €6m upfront payment. A further €90m will be paid to Canbex's shareholders if Ipsen decides to wholly acquire the company, which will depend on completion of Canbex's phase-IIa study of its candidate for the treatment of spasticity in multiple sclerosis patients.

The €90m comprises an acquisition payment and additional milestone payments.

Ipsen is a Euronext Paris-listed biopharmaceutical company based in France. It employs 4,600 staff and generated €1.2bn in revenues last year.

Previous funding
Canbex completed its series-A funding round in April 2013, securing £2.3m from Wellcome Trust, MS Ventures – the venture capital arm of Merck Serono – and UCL Business.

In January 2006, the company raised £333,000 in seed funding from Dutch VC Esperante Ventures and Bloomsbury Bioseed fund.

Company
Founded in 2005 when it span out from University College London (UCL), Canbex develops treatments for spasticity linked to multiple sclerosis.

Its VSN16R has completed its phase-I clinical safety trial. It is being developed to provide anti-spastic treatment for patients with multiple sclerosis and other disorders.

People
Keith Powell is chairman of Canbex and Jesse Schulman is CEO. Marc de Garidel is chairman and CEO of Ipsen. Canbex's board of directors includes Esperante managing director Dean Slagel.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Healthcare
• United Kingdom
• Trade sale