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Two portfolio companies in RiverVest Venture Fund IV entered definitive acquisition agreements in the third quarter, coincidentally closing on the same day – September 27, 2022.
Biopharma company Good Therapeutics was acquired by Roche (SIX: RO, ROG; OTCQX: RHHBY) for $250 million up front, with the potential for additional payments based on the achievement of predetermined milestones.
Medical device company Standard Bariatrics was acquired by Teleflex Incorporated (NYSE: TFX) for $170 million up front, with up to $130 million in potential milestone payments.
These exits demonstrate RiverVest’s investment strategy in practice.
● We understood the significant unmet medical needs they address
● We believed in the strength of their management teams
● We invested early and participated actively on their boards to effectively manage risk and maximize returns
The Details
RiverVest co-led Good’s $22 million Series A Preferred Equity round in 2018 and co-led its $26.4 million Series B round in 2021.
RiverVest led Standard Bariatrics’ $20 million Series A financing in 2018 and participated in its $35 million Series B round in 2021.
In addition to investment capital, RiverVest provided scientific, operational, financial, and investment guidance.
● Director John McKearn, Ph.D. served on the board at Good.
● VP Karen Spilizewski served on the board at Standard Bariatrics and Managing Director Jay Schmelter acted as a board observer.
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