Gilde Healthcare announces acquisition of Breath Therapeutics by Zambon for up to €500 million - Gilde Healthcare

Gilde Healthcare announces acquisition of Breath Therapeutics by Zambon for up to €500 million

July 25, 2019

Utrecht (The Netherlands), Cambridge (United States) – Gilde Healthcare today announced it has sold its shareholding in portfolio company Breath Therapeutics to Zambon, an Italian multinational pharmaceutical company. Zambon will pay an initial consideration of €140 million with a total up to €500 million subject to achievement of regulatory and sales milestones.

Breath Therapeutics is focused on an advanced inhaled therapeutic to treat bronchiolitis obliterans syndrome (BOS), a severe progressive lung disease with no approved therapies affecting over 30,000 patients globally. The acquisition will complement Zambon’s current portfolio of respiratory products, which also includes the treatment of non-cystic fibrosis bronchiectasis (NCFBE).

Arthur Franken, Partner at Gilde Healthcare and board member at Breath Therapeutics, said:

“We are pleased that Breath Therapeutics, a company that founders together with investors spun-off, has been able to structure such a high value trade sale. This outcome validates our strategy to invest in first-in-class therapeutics for patients facing high unmet medical need and to support talented entrepreneurial teams in their efforts to bring innovations to market. We have enjoyed the collaboration with Sofinnova and GIMV and the use of our combined networks to grow and strengthen the team, including some key hires that have been successful with previous Gilde Healthcare portfolio companies.”

Jens Stegemann, Chief Executive Officer of Breath Therapeutics, said:

“It has been a great experience working with Gilde Healthcare. With the combined expertise in drug development, medtech and building companies, Gilde Healthcare played a key role in incorporating and growing Breath Therapeutics and getting our lead drug into global phase III clinical trials. We’re thrilled with how successful we have moved forward in the past two years and having established an outstanding expert team with presence in the US. With the acquisition by Zambon we are now looking forward to moving into a new dimension and bringing the first treatment for BOS to market.”

Following the investment in 2017, with its Venture & Growth capital fund Gilde Healthcare IV, Breath Therapeutics advanced its proprietary liposomal cyclosporine A inhalation (L-CsA-i) into global phase III trials, established a full commercial scale production for the drug and the device, and initiated commercial activities to prepare for and support future product launch.

Independent strategic healthcare advisor Leopoldo Zambeletti advised Breath Therapeutics on this sale.


About Breath Therapeutics
Founded in 2016, Breath Therapeutics is a private, venture-backed clinical stage biopharmaceutical company specializing in advanced inhaled therapeutics for severe respiratory diseases with high unmet medical need. In 2017, the company completed a Series A financing of $46 million with leading European investors, Sofinnova Partners, Gimv and Gilde Healthcare. Breath Therapeutics’ proprietary drug formulations have been specifically designed for inhaled administration with exclusively licensed, high performance nebulizer technology. L-CsA-i, Breath Therapeutics’ lead asset, is advancing as the first therapy for BOS, a rare and devastating lung disease with no currently available treatment. Breath Therapeutics has offices in Munich, Germany and Menlo Park, CA. For more information, visit the company’s website at

About Zambon S.p.A.
Zambon is a multinational pharmaceutical company that focuses on innovation and development with the aim to improve patients’ lives. Based on a valuable heritage and strongly focused on the future, its goal is to improve people’s health through the development of innovative and quality healthcare solutions. Zambon products are commercialized in 87 countries. The company has 20 subsidiaries in three different continents – Europe, America and Asia – and owns manufacturing units in Italy, Switzerland, China and Brazil. The company today has a strong focus on the treatment of rare diseases and specialties, on top of respiratory, pain management and women’s care. Zambon was established in 1906 in Italy and today counts around 2,500 employees all over the world. For more information, visit the company’s website at

About Gilde Healthcare
Gilde Healthcare is a specialized European healthcare investor managing €1 billion ($1.2 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in health tech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market. For more information, visit the company’s website at
Gilde Healthcare IV is supported by the European Recovery Program – EIF facility.

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