The deal yielded €3.8m (€0.15 per share) on Gimv’s last published equity value. Over the entire period, this investment yielded a return that is in line with Gimv’s historical average, the firm said.
Ablynx was established in 2001 as a spin- off from VIB and the Free University of Brussels (VUB). During the initial phase, Gimv provided the seed capital, via via the Biotech Fonds Vlaanderen.
Gimv participated in almost all capital rounds, including the IPO in 2007 and the subsequent capital increase in 2010. Todat the company is listed with a market capitalisation of approximately €370m, more than 25 programmes in the pipeline and six nanobodies in clinical development, alongside ongoing research collaborations and partnerships with major pharmaceutical companies.
Patrick Van Beneden, biotech specialist at Gimv, said, “This exit fits nicely into Gimv’s strategy, in which value creation and growth stimulation in our companies are key, but where rotation within the portfolio is also important. This exit provides us with the means to engage in new long-term commitments to the biotech sector and to develop and grow the existing biotech portfolio.
“In the past year, Gimv invested for the first time in Complix and Agrosavfe and we participated in capital increases for Pronota, Multiplicom and Actogenix. Gimv, from its international platform strategy for Health & Care, and Biotech Fonds Vlaanderen clearly underline their ambition to remain the engine of innovation in and the further development of the Flemish biotech sector.”
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