The management of Boston Millennia Partners is pleased to announce that
two recent liquidity events, the sale of Precision Dermatology, Inc. and
CardioMEMS, Inc., have created $105 million of value for its Limited
Partners.
With the receipt of Hart-Scott-Rodino clearance, the previously
announced acquisition of Precision Dermatology by Valeant
Pharmaceuticals, Inc. for $500 million, closed July 7, 2014. On May 30,
Boston Millennia Partners’ portfolio company CardioMEMS, Inc., whose
lead product is a significant advancement in the treatment of heart
failure, was sold to St. Jude Medical pursuant to a transaction valued
at $463 million.
Precision was spun out of Collegium Pharmaceuticals, a specialty
pharmaceuticals company, for which Boston Millennia Partners provided
the first institutional financing. Following the spinout, Precision
raised $60 million of additional equity, and through acquisitions and
organic growth developed into a significant company in the Rx
dermatology space.
CardioMEMS was founded to pursue commercial applications of
micro-electromechanical systems developed in the laboratories of Georgia
Tech and MIT. Clinical trials for the company’s congestive heart failure
sensor indicated a 37% reduction in hospitalization readmissions.
Managing General Partner Dana Callow stated, “With the closing of the
sale of Precision Dermatology to Valeant Pharmaceuticals, BMP has
completed a significant liquidity event, which follows the sale of
CardioMEMS to St. Jude Medical by about 5 weeks. BMP’s acquisition-based core
investment strategy once again has resulted in the creation of value
for our investors and management teams. The current exit environment is
quite strong and we look forward to more favorable transactions in the
coming months either through IPO’s or acquisition events.”
About Boston Millennia Partners
Boston Millennia Partners is a private equity investment partnership
managing over $700 million in capital. Millennia invests in high-growth
businesses in the healthcare and business services industries. Typical
investments range from $3 to $15 million. The managers at Millennia have
funded over 120 companies in the U.S. private equity market since 1980.
Significant portfolio companies with whom they have invested include
Athenix/Bayer CropScience, a subsidiary of Bayer AG (BAYN GR), PAREXEL
International (NASDAQ-GS: PRXL), GlycoFi/Merck (NYSE: MRK), Galt/Cerner
(NASDAQ-GS: CERN), ILEX Oncology/Genzyme Oncology (NASDAQ-GS:
GENZ),Verio/NTT (NYSE: NTT), HotJobs/Yahoo (NASDAQ-GS: YHOO),
Proteome/Incyte Genomics (NASDAQ-GM: INCY) and P&H Solutions/ACI
Worldwide NASDAQ-GS: ACIW), among others. For more information, please
visit www.bmpvc.com
Copyright Business Wire 2014