Apposite's Convergence sold to Biogen Idec in $475m deal

Convergence shareholders, which also include New Leaf Venture Partners and SV Life Sciences, will receive an upfront payment of $200m with the remainder subject to future performance.

In June last year, Apposite portfolio company Ulthera, a US cosmetic ultrasound business, was acquired by specialty healthcare group Mertz for up to $600m. The Ulthera deal could generate up to 20x returns for the GP.

Previous investment
Apposite led a $35.4m series-A for the biopharmaceutical company in October 2010, alongside New Leaf Venture Partners and SV Life Sciences.

Company
Established in 2010, Convergence develops novel analgesics for the treatment of chronic pain. Headquartered in Cambridge, the company comprises experienced drug development professionals designing clinical trial programs.

People
Allan Marchington, founder and partner at Apposite Capital, held a seat on the board at Convergence alongside New Leaf managing director Liam Ratcliffe and SV Life Sciences managing partner Kate Bingham.

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