SV et al. sell Convergence for $675m

Biogen is paying Convergence's shareholders an upfront payment of $200m, with the remaining $475m dependent upon future milestones.

Following the acquisition by Biogen – a Cambridge, Massachusetts-headquartered company – Convergence will continue to operate out of Cambridge in the UK.

Previous funding
In October 2010, Convergence secured $35.4m in series-A funding from Apposite, SV Life Sciences and New Leaf.

SV Life Sciences invested via its SV Life Sciences Fund V, which closed in July 2010 on $513m, exceeding its $400m target.

Company
Founded in 2010 and headquartered in Cambridge, Convergence is a developer of pain relief treatments. It specialises in neuropathic pain treatment.

The company has a pipeline of clinical-stage candidates including CNV1014802, which is designed to treat trigeminal neuralgia, a cause of debilitating facial pain.

People
Convergence chief scientific officer Simon Tate will lead the business. Current CEO Clive Dix is leaving the company.

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