Peppermint VC realizes lucrative exit through the acquisition of next-generation chemotherapy agent CAP7.1 from German biotech CellAct by Mundipharma
CellAct Pharma GmbH together with the Mundipharma global network has announced a new deal for the development and commercialization of smart chemotherapy (CAP7.1) with a total deal value exceeding 250 million €.
CAP7.1 is a novel pro-drug of anticancer agent etoposide with is metabolized into an active form by enzymes in the gastrointestinal tract that are particularly active in tumour cells. The drug was invented at Charité – Universitätsmedizin Berlin, Germany.
Under the collaboration, CellAct will receive a double digit upfront payment and milestone payments. EDO will advance CAP7.1 into Phase III clinical trials and reformulate the drug to enable manufacturing scale-up. CellAct and Charité – Universitätsmedizin Berlin, will also both receive sales- related income through tiered royalties and milestone payments.
CellAct was financed and supported by Peppermint VC KG, managed by Peppermint VenturePartners, since its inception in 2007 together with NRW.Bank, S-VC Dortmund and several business angels. With a total investment of about 10 m€ CellAct was able to bring CAP 7.1 to a clinical Phase II proof of concept, proving the cost efficiency of a virtual biotech company.
Dr. Joachim Rautter, Chairman of the Board of CellAct and Managing Partner of PVP: “We are very happy that this exciting program will be further developed by an experienced partner like Mundipharma to provide patients with novel treatment options. CAP7.1 is an excellent example of the longstanding cooperation of Peppermint VenturePartners with the Charité in Berlin and we want to thank CellAct CEO, Nalân Utku, for the excellent job to provide a lucrative exit for the investors.”
About Peppermint VenturePartners: PVP is a Berlin based Venture Capital Company investing in young healthcare companies with a focus on Medical Devices and selected Pharma projects, mainly within Europe, that have successfully demonstrated a first proof-of-concept for their technology, products or services. At the end of 2010 PVP in association with the Charité Foundation launched the new Charité Biomedical Fund (CBF). In the framework of its established collaboration with the Charité – Universitätsmedizin Berlin, PVP has access to the proprietary network and evaluation
platform of one of the largest medical schools in Europe and to its international partners. PVP currently manages funds exceeding € 50 million.