The firm led Octagon’s first financing round in 2002, and had contributed a total of $8.6m by the time of a follow-on investment round in 2006.
Octagon aims to optimise drug development through regulatory, clinical, business consulting services and new technology.
Edison general partner and Octagon director Michael Balmuth said, “Octagon was an attractive acquisition candidate due to strong management, substantial backlog, repeat sales of multiple products, global clients, domain expertise, number one market share and solid profitability.”
The firm, which was established in 1986, closed its latest fund on $249m in February – more than one fifth of which had already been invested in tech-based companies.
The Edison VII fund portfolio delivered 50 per cent revenue growth in 2011, with fair value at the time rising to 1.4 times the investment cost, according to the firm.
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