Last checked at 30 Apr 2024 07:00
30 April 2024
Molten Ventures plc
("Molten", the "Group" or the "Company")
Hologic Inc. to acquire Endomagnetics for approx. $310m
Molten Ventures plc (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, notes the announcement released by Hologic, Inc. (Nasdaq: HOLX), a global leader in women's health, that it is has signed a definitive agreement to acquire Endomagnetics Ltd. ('Endomag'). The acquisition, which is subject to regulatory approval as well as working capital and other customary closing adjustments values Endomag at approximately $310m.
Endomag is a medical technology company, based in Cambridge, devoted to improving the global standard of care in breast cancer. Its products include the Magseed® marker for magnetic tissue localisation before surgery, the Magtrace® lymphatic tracing injectable for breast cancer staging and the Sentimag® platform, which supports both localisation and lymphatic tracing.
Molten first invested in Endomag in July 2018, with investment from its balance sheet and from its EIS and VCT funds. Follow-on funding was provided to support Endomag's continued growth in 2020. The deal values Molten's stake in Endomag modestly above its Group holding value of £35 million.
In its recent trading update, published 23 April 2024, Molten noted that FY25 was showing promise of a more normalised realisations market, with proceeds expected to be meaningfully higher than the prior two years. The announcement of the acquisition of Endomag follows Molten's recent announcement of the proposed exit of Perkbox (announced on 18 March 2024 and subject to regulatory approval).
Martin Davis, Chief Executive Officer of Molten Ventures, commented:
"This transaction, alongside Perkbox, demonstrates our ability to support innovative businesses as they scale and create value for our shareholders through the cycle.
"The news follows our recent announcement in relation to Perkbox, and reflects the additional momentum being seen in the realisations market. With multiple realisation processes either underway or planned across the portfolio we expect to deliver in the region of £100 million of capital back to the balance sheet this financial year.
"We will provide an update on our capital allocation policy in respect of these anticipated proceeds, which focuses on NAV per share accretive deployment, at the time of our full year results on 12 June 2024."
-ENDS-
Enquiries:
Molten Ventures plc Martin Davis (Chief Executive Officer) Ben Wilkinson (Chief Financial Officer)
| +44 (0)20 7931 8800 ir@molten.vc
|
Deutsche Numis Joint Financial Adviser and Corporate Broker Simon Willis Jamie Loughborough Iqra Amin
| +44 (0)20 7260 1000
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Goodbody Stockbrokers Joint Financial Adviser and Corporate Broker, Euronext Dublin Sponsor Don Harrington Dearbhla Gallagher William Hall
| +44 (0) 20 3841 6202
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Powerscourt Public relations Elly Williamson Nick Hayns
| +44 (0)7970 246 725 / +44 (0)7880 744 379 molten@powerscourt-group.com |
About Molten Ventures
Molten Ventures is a leading venture capital firm in Europe, developing and investing in disruptive, high growth technology companies. We inject visionary companies with energy to help them transform and grow. This energy comes in many forms - capital, of course, but also knowledge, experience, and relationships. We believe it is our role to support the entrepreneurs who will invent the future, and that future is being built, today, in Europe.
As at 30 September 2023, Molten Ventures had a diverse portfolio with shareholdings in 74 companies, 17 of which represent our Core Portfolio holdings and account for 62% of the Gross Portfolio Value. Our core companies include Thought Machine, Coachhub, Form3, Aiven, Ledger and Aircall. We invest across four sectors: Enterprise Technology, Hardware and Deeptech, Consumer Technology, and Digital Health and Wellness, with highly experienced partners constantly looking for new opportunities in each. We look for high-growth companies operating in new markets, with aspirations for global expansion, strong IP, powerful technology, and strong management teams to deliver success. We also look for businesses with the potential to generate strong margins to ensure rapid, sustainable growth in substantial addressable markets.
Molten Ventures provides a unique opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long term investments with limited liquidity. Since our IPO in June 2016, we have deployed over £1bn capital into fast growing tech companies and have realised £520m to 30 September 2023.
For more information, go to https://www.moltenventures.com/