Irish pharmacist Allergan will pay a minimum of $ 195 million for the American company Bonti, specializing in the development of drugs used in aesthetic medicine. Up to 10% of the proceeds from the transaction will be allocated to the RBV Capital fund, created by R-Pharm and the state-owned Russian Venture Company (RVC). Having invested in Bonti up to $ 4 million from the end of 2016, at the exit from it partners can get several times more.
One of the world's largest pharmaceutical companies Allergan (Ireland) buys California's Bonti, a developer of drugs for aesthetic and therapeutic use. The first payment within the framework of the transaction will be $ 195 million. In the future, Allergan can make several additional payments "in accordance with a number of standard conditions," the company said. The size of these payments and the nature of the conditions are not disclosed.
Among the investors of Bonti is the fund RBV Capital, created in 2014 with the participation of a major Russian producer of drugs "R-Pharm" and the state fund RVK. Managing Partner RBV Capital Alexei Konov (a member of the board of directors of Bonti) said that the share of "R-farm" in the fund is about 51%. The exact share of RBV Capital in Bonti, he did not disclose, saying only that, as in most cases of portfolio investments of the fund, it was 5-10%.
In total, according to Mr. Konov, RBV Capital has invested $ 3-4 million in Bonti since the end of 2016. "The fund will receive several times more funds at Bonti," he rejoices. For RBV Capital, the internal rate of return (IRR) in the project only after the first tranche of Allergan is 120%.
"The acquisition of Bonti is a strategic investment aimed at developing and strengthening the portfolio of aesthetic medicine products of our company," said Brent Saunders, chairman and chief executive officer of Allergan. According to the Irish company, there are now about 65 million people in the US who are ready to do injections for the face: among them there are those who want to be treated with a faster product. With the purchase, Bonti Allergan will receive international rights to the portfolio of drugs, including EB-001A and EB-001T. The substance used in them starts to work for several hours after the injection, the effect of which lasts two to four weeks.
For RBV Capital this is the second exit from the portfolio company. In the first transaction, the buyer also acted as Allergan: in 2016 she acquired the American RetroSense Therapeutics, which specializes in the manufacture of ophthalmic preparations. In it, the share of RBV Capital was also around 5-10%. The representative of RBV Capital indicates that the total revenues from only the first payments on the two fund transactions (RetroSense Therapeutics and Bonti), without taking into account subsequent payments, will exceed the size of all investments of its investors at the moment. The total amount of the fund is about 2 billion rubles. (or about $ 30 million). "For a fairly short period for venture investments, the RBV Capital team managed to successfully close two major deals. As investors of the fund, we are extremely pleased with the results of the work of its managers, "said Andrei Smirnov, CEO of R-Pharm Ventures.