BOSTON–(BUSINESS WIRE)–August 6, 2014–
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
Boston Millennia Partners
Amy Merk, 617-428-5150