Avlar acquires fellow Cambridge fund manager Gateway Global Partners

Acquisition

Avlar BioVentures Ltd, of Cambridge, a specialist early-stage venture capital company, is acquiring Gateway Global Partners Ltd, manager of the Cambridge Gateway Fund. Gateway founder Catherine Beech was appointed to the board of Avlar as clinical director. The terms of the deal were not disclosed.

Cambridge Gateway Fund closed in March 2000 with final total commitments of £35.3 million and currently has nine portfolio companies. Three of these companies are also Avlar portfolio companies, namely Cambridge Biotechnology Limited (acquired by Biovitrum AB in April 2005), De Novo Pharmaceuticals Ltd and Intercytex plc.

Beech said, “I am delighted to be joining Avlar as clinical director. I am certain that all stakeholders will benefit from the acquisition by Avlar of Gateway Global Partners.”