April 01, 2011 | by HBM BioVentures Ltd
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April 01, 2011, BioVeda China L.P., a fund in HBM BioVentures Ltd.’s portfolio (SIX: HBMN), sold its portfolio company China Health System Ltd. yesterday to Shanghai Pharmaceuticals Holding. BioVeda China realised a multiple of 14 times its invested capital on the sale and, after this sale, continues to hold one significant and three smaller investments.
HBM BioVentures is a founding partner and the largest investor in BioVeda China, which was set up in 2005 to invest in the People’s Republic of China. As part of its active involvement in the fund, in 2006 HBM BioVentures increased its investment from USD 5.0 million to USD 8.5 million (34% of the fund). At closing of the sale of China Health System by BioVeda China HBM BioVentures will receive approximately USD 27 million (CHF 25 million) in cash. The sale of this single company in the BioVeda China portfolio represents a return for HBM BioVentures of 3.2 times its total investment in the BioVeda China fund, and raises the net asset value (NAV) of HBM BioVentures last published by CHF 1.00 per share.
Contact:
HBM BioVentures Ltd
Bundesplatz 1
CH-6300 Zug / Switzerland
Tel:+41 41 768 11 08
Fax:+41 41 768 11 09
info@hbmbioventures.com
www.hbmbioventures.com
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Source: HBM BioVentures Ltd, Press release