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.
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.