Venture-backed Axovan acquired by Actelion

Actelion announced on Tuesday that it had acquired the privately owned Axovan.

Actelion said the value of the transaction was estimated at anywhere between SFr60 and SFr252 million, depending on how product development advances.

The start-up company has been making progress in developing new drugs for post-aneurysm patients. It employs 50 people, according to its website.

The company had raised more than SFr38 million ($29 million) in venture capital in two earlier rounds.

Its venture capital investors include Atlas Venture, Heidelberg Innovation, NeoMed, and Banque Cantonale Vaudoise Private Equity.

Early investors include Actelion, as well as NMT Medical (now part of HBM Bioventures), Genevest, and Venture Partners.

Because Actelion is a shareholder in Axovan and several Actelion board members represent investors in Axovan, the investment bank Morgan Stanley Dean Witter has been commissioned to prepare a fair value opinion to confirm the adequacy of the acquisition consideration.

In addition, all board members with a potential conflict of interest abstained from the decision-making and voting process at Actelion in relation to the acquisition of Axovan, said Actelion.

Actelion was a spin-off of Roche and was also a venture-backed firm, now traded on the SWX stock exchange.

by Valerie Thompson