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
|
Goodbody Stockbrokers
Joint Financial Adviser and Corporate
Broker,
Euronext Dublin Sponsor
Don Harrington
Dearbhla Gallagher
William Hall
|
+44 (0) 20 3841 6202
|
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/