Beringea exits Onyx Scientific

At the time of exit ProVen Health VCT, managed by Beringea, held a 12.5% stake in the company, which was valued at £4.6m.

Stephane Mery, partner at Beringea, stated that the company had received support with funding, a new chairman and strategy.

Previous funding
Noble Fund Managers initially backed a management buyout of Onyx Scientific in June 2007. The £6m deal was supported by a debt package from HSBC. The Noble Health Fund, including the stake in Onyx, was taken over by Beringea in February 2009.

Company
Onyx specialises in drug development, working with medicinal chemistry, optimisation and early-stage production. The company, founded in 2000, is based in Sunderland, UK, and employs around 40 scientists.

People
Stephane Mery, partner, managed the deal on behalf of Beringea. Mery previously worked with the Noble Health Fund, but joined Beringea when it took over the fund in 2009.

Advisers
Vendor – Muckle (Legal).

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• Topics
• Exits
• UK / Ireland
• Healthcare
• Beringea Limited