12/17/2009
TVM Capital Receives M&A Advisor Corporate/Strategic Acquisition of the Year Award
$300 Million Direvo Biotech AG Acquisition by Bayer HealthCare AG one of the best of 2008
December 17, 2009, Boston, MA – TVM Capital Life Science Practice has been awarded The M&A Advisor Corporate/Strategic Acquisition of the Year Award for the acquisition of portfolio company Direvo Biotech AG by Bayer HealthCare AG in September 2008 for $300 million.
"To our knowledge, this transaction is the highest purchase price acquisition of a German private biotechnology company to date. It also is the first acquisition of a German biotechnology company by a German pharmaceutical company of a meaningful size,” said TVM Capital General Partner Hubert Birner, who was instrumental in the turnaround of Direvo and acquisition strategy. “Direvo was well positioned as a provider of a low risk approach to second generation product development, thus enabling the acquirer to improve its existing pipeline and recycle expiring patents.”
The Direvo acquisition is a particular point of pride for TVM Capital given the companies challenging path to this successful outcome. Direvo required restructuring during 2005 and 2006 which included the departure of several executives. A new CEO, Dr. Thomas von Rueden, was hired in 2006 and, with the support of Hubert Birner of TVM Capital as chair of the Direvo board of directors, he successfully shifted the focus of the company. The resulting company growth made the acquisition possible. The company succeeded in a Series C financing in 2007. Company management subsequently began both in-licensing and M&A discussions resulting in the identification of several potential buyers during the due diligence phase of the in-licensing process.
An independent body of experts across M&A industry professions determined the award recipients. The TVM Capital award is in a major category of acquisitions between $100 million and $400 million. Mummert & Company, the investment banking firm, and Ute Lassnig, the banker, instrumental in the success of the Direvo acquisition were finalists for other award categories. More information on the award can be found at: www.maadvisor.com/page/ma-advisor-awards
TVM Capital and the TVM Capital Life Sciences Practice
TVM Capital is an international venture capital and private equity firm with a 25 year operating track record in the European and U.S. markets. The investment focus of TVM Capital on financing technology and life sciences companies has led to specialized, focused teams and dedicated funds to serve the target markets best. TVM Capital is Private Equity International’s “German Private Equity Firm of the Year 2008”, 18th on the Red Herring Global VC 100 for 2009, and has received the M&A Advisor award for Corporate/Strategic Acquisition of the Year for the 2008 acquisition of Direvo Biotech AG by Bayer HealthCare AG.
The TVM Capital Life Sciences Practice with 820 million Euros ($1.26B USD) under management is one of the largest venture and growth investors in biotechnology and pharmaceuticals in Europe and the United States. The Life Sciences team builds on the expertise, experience, international approach and demonstrated success in more than 110 previous investments and almost 40 IPOs from our biotechnology and pharmaceutical portfolio of companies. The team combines long-standing international investment experience with pharmaceutical and biotechnology operating track records with extensive networks and knowledge regarding science, product discovery and development, manufacturing, marketing and distribution, international commercialization and finance. Twenty years of successful investing and value creation, in traditional early and late-stage venture as well as venture growth and growth capital, make the TVM Capital Life Science Practice a unique partner in the healthcare industry. Founded in 1983, TVM Capital is headquartered in Munich with offices in Boston and Dubai.
Find more information: www.tvm-capital.com
Nancy Saucier
TVM Capital
101 Arch Street, Suite 1950
Boston, MA 02110, USA
+1 (617) 345 9320
saucier@tvm-capital.com
Monika Schlesinger
TVM Capital GmbH
Maximilianstr. 35, Eingang C,
D- 80539 Munich, Germany
++49 (89) 998 992-0
schlesinger@tvm-capital.de
Press Contact
Monika Schlesinger
TVM Capital GmbH
Maximilianstr. 35, Eingang C
D- 80539 Munich, Germany
++49 (89) 998 992-0
Nancy Saucier
TVM Capital
101 Arch Street, Suite 1950
Boston, MA 02110, USA
+1 (617) 345 9320
