GERMANY - HBM reaps 22x return on Brahms sale

The sale equates to net cash profit of EUR 134m and an IRR of 112%.

In August 2005, HBM BioVentures and HBM BioCapital invested a total of EUR 6.5m for a 50% stake in the business. In addition an interest-bearing loan of EUR 6.5m was provided, which was repaid in 2006.

Brahms' flagship product is Procalcitonin (PCT), which is a proprietary biomarker for the diagnosis and treatment of sepsis. The company's development pipeline is focused on new biomarkers for bacterial infections, cardiovascular disease and neurological disorders. Brahms also offers diagnostic tests and instrumentation for thyroid, prenatal, autoimmune and oncology screening in both laboratory and point-of-care settings.

The Berlin-based company employs 400 people globally and generated revenues of EUR 75m in 2008, with an EBITDA of EUR 15m.

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