Utrecht, The Netherlands – Gilde Healthcare Partners, a transatlantic investor in Healthcare Technologies and Services, announces the sale of its portfolio company mtm laboratories to Roche (SIX: RO, ROG; OTCQX: RHHBY) for a total consideration of EUR 190 million. Under the terms of the agreement, Roche will pay mtm laboratories shareholders an upfront cash payment of approximately EUR 130 million as well as EUR 60 million upon reaching development-related milestones. mtm laboratories is a global leader in developing in vitro diagnostics with a focus on early detection and diagnosis of cervical cancer, the largest early detection market in oncology. mtm laboratories will become part of Roche’s Tissue Diagnostics (Ventana Medical Systems, Inc.) business unit.
“The potential of mtm laboratories diagnostic tests to improve the standard of care and reduce overall costs attracted our initial interest. The experience, successful track records and excellent execution skills of the team convinced us to provide growth capital in late 2009…..”
said Arthur Franken, Partner at Gilde Healthcare Partners and board member of mtm laboratories.
“The acquisition of mtm laboratories is an optimal outcome for all concerned. mtm laboratories has been acquired in less than 2 years after our initial investment. As an investor we are pleased with this rewarding exit, which significantly contributes to our fund performance.”
About Gilde Healthcare Partners
Netherlands-based Gilde Healthcare Partners is a transatlantic growth equity investor focused on private healthcare technologies and services. It has EUR 450 million under management and is actively looking to lead new investments in therapeutics, diagnostics, medical devices and services. Gilde successfully builds healthcare businesses across Europe and US, investing up to EUR 15 million in a single portfolio company. By investing in companies with clear, achievable business models, Gilde has used its financial resources and network to create significant value for both its investors and the entrepreneurs it backs. For a list of Gilde’s portfolio companies please visit the website at www.gildehealthcare.com.
Gilde Healthcare II is supported by the European Communities Growth and Employment Initiative, MAP – ETF Start up Facility.
About mtm laboratories
mtm laboratories AG is an ISO 9001 and ISO 13485 certified developer and manufacturer of In-Vitro Diagnostic Devices (IVDD) for use in the early detection and diagnosis of cervical cancer. The Company operates on a global basis with headquarters in Heidelberg, Germany and subsidiaries in the United States, France, Italy and Spain.
The mtm laboratories CINtec® Plus Cytology kit is approved for use in Europe to identify over-expression of p16 in cervical Pap test samples to detect pre-cancerous lesions. mtm laboratories’ second product, CINtec® Histology detects over-expression of p16 and is used in conjunction with H&E slides to aid in the identification of high-grade cervical intraepithelial neoplasia (CIN) and cervical carcinoma in biopsy samples.
mtm laboratories proprietary test solutions are based on the p16 biomarker and have been developed for the identification and diagnosis of pre-cancerous cervical lesions. p16, a gene involved in tumor suppression in the cell, is an established marker of the early oncogenic process leading to cancer. The level of p16 protein becomes markedly increased after persistent HPV infection leads to oncogenic transformation of cells in the cervix. In addition p16 has been reported to have emerging clinical utility in other cancers, including anogenital cancers, head and neck cancer, lung cancer, and breast cancer. Further information can be found at: www.mtmlabs.com