Government fund of funds
Development institute of the Russian Federation

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RBV Capital Fund Sells Bonti Portfolio Company to Pharmaceutical Manufacturer Allergan

20.09.2018

This is the second significant transaction of the fund: in 2016, RBV Capital, created with the participation of RVC and R-Farm, sold RetroSense Therapeutics to the same Allergan. Total income only due to the first payments on both transactions will exceed the size of all investments of the fund investors for today.

Allergan, one of the leading pharmaceutical companies in the world, announced the acquisition of a private company Bonti, specializing in clinical research, development, and commercialisation of innovative high-speed neurotoxins for aesthetic and therapeutic use. Allergan will acquire Bonti for an initial payment of $195 million and several possible additional payments that will be made at specified stages in accordance with some standard conditions. Since December 2016, a part of Bonti shares has belonged to the investment fund RBV Capital, created with the participation of the state-owned fund RVC and the company R-Farm.

With the acquisition, Bonti Allergan receives international rights to a development portfolio consisting of two drugs based on serotype E botulinum toxins (BoNT/E), which are in the second phase of clinical trials, EB-001A and EB-001T (for aesthetic and therapeutic use, respectively). The active ingredient of both drugs, the new botulinum toxin serotype E (BoNT/E), has a unique clinical profile: It begins to act literally within a few hours after administration and has a short duration of action of several weeks (from 2 to 4). Recently, Bonti has presented the main results of the first clinical study of EB-001 as a drug used for smoothing glabellar wrinkles. It confirmed the safety and efficacy of the drug.

“The acquisition of Bonti is a strategic investment aimed at developing and strengthening the portfolio of aesthetic medicine products of our company,” said Brent Saunders, the chairman of the board of directors and chief executive officer of Allergan. “Taking into account that the market for aesthetic medicine is now snowballing, a fast-acting neurotoxin with an effective duration of 2-4 weeks will be very attractive for consumers, especially for those who are considering esthetic medicine procedures for the first time.”

“We value the trust of our esteemed investors and will continue to follow the investment strategy that has shown its effectiveness. Our portfolio maintains a number of promising assets, from which we expect a serious return in the future,” said Alexey Konov, managing partner of RBV Capital Fund.

In the fall of 2016, Allergan acquired another of its portfolio investments — RetroSense Therapeutics, a company engaged in the development of ophthalmic drugs. Total revenues from the first payments on these two transactions of RBV Capital alone, excluding subsequent payments, will already exceed the size of all investments of the fund's investors to date.

“As investors of the fund, we are extremely pleased with the results of the work of its managers. For a sufficiently short period for venture capital investment, the RBV Capital team managed to successfully close two major deals, demonstrating the highest professionalism and in-depth knowledge of market conditions,” said the CEO of R-Pharm Ventures Andrey Smirnov.

“This is already the second successful international exit of the RBV Capital Fund for the last time when the world's largest pharmaceutical manufacturer acts as a buying strategist. Return on investment in the transaction showed a three-digit IRR only at the expense of the first tranche and may grow further subject to the implementation of KPI. This is a landmark result for the management team and RVC as an investor in the fund,” said Alexey Basov, deputy general director and investment director of RVC.




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