Imperial Innovations has sold Respivert for £9.5 million to US firm Centocor Ortho Biotech.
Technology investment company Imperial Innovations has sold Respivert for £9.5 million to US firm Centocor Ortho Biotech.
Innovations’ £7.2 million profit on the sale of its 13.4 per cent stake in Respivert, represents a 4.7 times return for the company since it invested in the business three years ago.
Drug discovery company Respivert is based at Imperial College London and its research focuses on inhaled medicines for respiratory diseases such as asthma and cystic fibrosis. Respivert has also received investment from Advent Venture Partners, Fidelity Biosciences, and SV Life Sciences.
Susan Searle, chief executive at Innovations, says: ‘Our first all-cash disposal, Respivert is our third significant exit and marks a turning point as our investments begin to generate substantial cash returns.’
Innovations has exclusive access to science and technology developments from Imperial College London, and currently has a technology portfolio of more than 80 companies. The company intends to use the proceeds for investment purposes.