Edmond De Rothschild Investment Partners sells protein therapeutics
investment to Johnson & Johnson company
26 August 2014
Paris based Edmond De Rothschild Investment Partners (EdRIP) has
announced that one of its portfolio companies, Covagen A.G.,
has been acquired by Swiss company Cilag GmbH International, an
affiliate of the Janssen Pharmaceutical Company, which is one of the
Johnson & Johnson Family of Companies.
Covagen is a privately-held, biopharmaceutical company
specialising in the development of multispecific protein
therapeutics through the FynomAb technology platform. The company's
lead product, COVA322, a bispecific anti-tumor necrosis factor
(TNF)-alpha/anti-interleukin (IL)-17A FynomAb is in Phase 1b
clinical study for psoriasis and holds potential as a treatment for
a broad range of inflammatory diseases including rheumatoid
Covagen develops FynomAbs, multi-specific protein therapeutics by
fusing its fully human Fynomer binding proteins to antibodies.
Fynomers are small binding proteins engineered to bind to target
molecules with the same affinity and specificity as antibodies. The
tailored architecture and novel mode of action of FynomAb
therapeutics may offer enhanced efficacy in the treatment of
inflammatory diseases and other indications.
Gilles Nobécourt, Partner at Edmond de Rothschild Investment
Partners said, "A few years back we decided to invest in Covagen
based on the quality of the team and the versatility and flexibility
of their Fynomer technology. Since then, impressive progress has
been made and today we are very proud to see a highly respected
partner taking over the development of the lead product and the
FynomAb platform. After achieving a high investment multiple, we are
looking forward to seeing them translate all this potential into
next-generation products that can improve patient outcomes".
Covagen was the eighth investment of BioDiscovery 3, a
specialized life science investment fund managed by EdRIP. Raised in
2008, the Fund has invested from 2008 to 2012 in a portfolio of 14
companies. So far five of these companies have been sold through
private transactions and two have been listed on public financial
The company has raised €450 million through its Biodiscovery
franchise and is currently investing BioDiscovery 4. Since
inception, BioDiscovery Funds have invested in 49 companies in
total, of which 13 have been sold and 12 listed on public financial
markets. 19 are still active in the portfolios.