ARTICLE | Finance
Fast cash
How HBM Capital made its quick return on hematology play True North
May 26, 2017 7:07 PM UTC
HBM Healthcare Investments will see a quick return on its investment in True North Therapeutics Inc. less than a year after joining the Orphan hematology company’s investor syndicate. Bioverativ Inc. (NASDAQ:BIVV) agreed to buy True North on May 23 for $400 million up front and $425 million in potential milestones. The deal is expected to close mid-year.
HBM co-led True North’s $45 million series D last October. The public fund’s December 2016 quarterly report revealed the firm invested $10 million for a 3.1% equity stake, corresponding to a postmoney valuation of just over $320 million (see BioCentury, Oct. 31, 2016). ...