VC firm HBM BioVentures to list on Swiss Exchange

The firm invests in biotechnology and medical technology companies at various stages of development. The investment portfolio includes private companies (59%), public companies originating from the private portfolio (17%), other public companies (11%) and other current assets (13%, including cash of 8%).

In total, HBM holds direct investments in over 40 companies currently. A number of the larger private companies in the portfolio are profitable. Recent events that have increased the value of the portfolio include the sales of two private US companies, Agensys, to Astellas of Japan and Adnexus Therapeutics, to Bristol-Myers Squibb. Meanwhile, Cathay Industrial Biotech based in China, completed a major funding round that was backed by North American and Asian investors, and publicly quoted Aspreva of Canada was sold to the Swiss firm Galenica.

Andreas Wicki, CEO of HBM BioVentures said the portfolio has been built up carefully over a period of six years. “Many portfolio companies are reaching planned milestones and are expected to start to materialise their values.”

“During the past three years, ten of our portfolio companies have gone public, and a further nine have been sold in trade sales.”

Joachim Rudolf, CFO, adds, “The listing on the SWX is intended primarily to advance HBM BioVentures’ development and broaden the universe of potential investors. The planned IPO will enable investors to participate in an attractive sector, buying into a broadly diversified portfolio.”

The funds raised in the flotation will be used for new investments in private companies, and to increase holdings in existing portfolio companies.

At the end of December 2007, HBM BioVentures had net assets of CHF 1.1 billion, corresponding to a net asset value (NAV) per share of CHF 101.93.