Trade sale marks success of portfolio company in Digital Health, an emerging theme in healthcare
Utrecht, The Netherlands and Cambridge, Massachusetts – Gilde Healthcare, the transatlantic growth capital firm specialized in the healthcare sector, today announced it has agreed to sell its stake in Definiens to MedImmune, the global biologics research and development arm of AstraZeneca. The trade sale of Definiens marks Gilde Healthcare’s eighth successful exit in the past year.
Under the terms of the agreement, MedImmune will acquire 100 percent of Definiens’ shares for an initial consideration of $150 million and make additional predetermined milestone payments. Definiens will continue to operate its business with third-party customers.
Following Gilde’s investment in 2012, Gilde has been instrumental in transforming the company from a software-platform company into a leading digital tissue diagnostics company. Definiens’ uniqueness lies in the ability to extract information from cancer tissue samples in digital form to then correlate with patient outcomes, an approach called Tissue Phenomics. Gilde has supported the company with its expertise and network in Digital Health and helped strengthen the management and the Board.
The acquisition will strengthen MedImmune’s focus on the discovery of novel predictive biomarkers in immuno-oncology. It is believed that using biomarkers to select patients for clinical trials could potentially shorten clinical timelines and increase response rates. As a result, the technology will serve as an important tool in the advancement of the most promising combination therapies in the company’s portfolio. Across AstraZeneca’s combined small molecule and biologics pipeline, around 80 percent of which currently has a personalised healthcare approach.
“We have supported Definiens since 2012 and in this short period the company has made a significant transformation. Definiens has become a leading player in Digital Health, an emerging trend in healthcare.” commented Janke Dittmer from Gilde Healthcare. “We are pleased that Definiens has found a synergistic owner in MedImmune, to further develop Definiens’ Tissue Phenomics approach and ultimately close the gap between genomics and patient outcomes. Together, MedImmune and Definiens can bring tailored treatments to patients faster.”
The proposed transaction is expected to close in the fourth quarter of 2014. The trade sale of Definiens marks Gilde Healthcare’s eighth successful exit in the past year and the third exit within the Gilde Healthcare III fund, Gilde Healthcare’s latest $200 million transatlantic growth capital fund. The fund targets investments in innovative businesses in home and digital health, medical devices, diagnostics and therapeutics both in the United States and in Europe.
About Gilde Healthcare
Gilde Healthcare (Utrecht, The Netherlands and Cambridge, Massachusetts) is a transatlantic growth capital investor focused on private healthcare companies. It has over €450 million ($600 million) under management and is actively looking to lead new investments in therapeutics, diagnostics, medical devices and healthcare services. For a list of Gilde’s portfolio companies please visit the website at www.gildehealthcare.com.
For more information
Janke Dittmer / Pieter van der Meer
Citigate First Financial
Claire Verhagen / Uneke Dekkers
Tel: +31.20.575.4018 / 21