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RiverVest Venture Partners exits IDEV Technologies for 2.6x return

16 Jul 2013

medical_lrgLife sciences focused firm RiverVest Venture Partners has exited its portfolio company IDEV Technologies, which was sold for $310m to Abbott Laboratories.

The sale generated a return of 2.6 times on the venture capital firm’s $12m investment in the comapny, which develops medical devices for interventional radiology, vascular surgery and cardiology.

RiverVest has exited six portfolio companies since 2011, generating proceeds of $1.5bn with more than $120m going into its funds.

RiverVest managing director Jay Schmelter said, “Our investment strategy is based on building companies that will be attractive acquisition candidates to a ready set of strategic buyers.

“We believed that IDEV’s unique stent construction would translate to superior clinical results, which multiple clinical studies have now demonstrated. These results, along with rapid market adoption, were the key drivers to acquisition interest in the company.”

RiverVest’s Fund II has yielded a 14.5 per cent per annum net IRR from inception in 2006.

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