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Jeito Capital. (5/22/24). "Press Release: Jeito Capital Announces Acquisition of Portfolio Company HI-Bio by Biogen Inc. (Nasdaq: BIIB) for up to $1.8 Billion". Paris.

Organisations Organisation Jeito Capital SAS
  Group Jeito Capital (Group)
  Organisation 2 Human Immunology Biosciences Inc. (HI-Bio)
  Group Biogen (Group)
Products Product felzartamab (MOR202)
  Product 2 venture capital
Index terms Index term HI-Bio–Biogen: investment, 202405– acquisition $1.15b upfront + $650 milestones of Human Immunology Biosciences by Biogen
  Index term 2 HI-Bio–Jeito Capital: investment, 202401 financing round Series B totalling $95m incl existing + co-investor Jeito Capital
Persons Person Mears, Rachel (Jeito Capital 202111 Partner)
  Person 2 Tordjman, Rafaèle (Jeito Capital 201806– President + Founder before Sofinnova Partners 2001–2017)
     


Jeito Capital announces acquisition of portfolio company HI-Bio™ by Biogen Inc. (Nasdaq: BIIB) for up to $1.8 billion; Biogen to strengthen portfolio to help patients with severe immune-mediated disease

> Biogen Inc. (Nasdaq: BIIB) to acquire HI-Bio™for a total consideration of up to $1.8 billion which illustrates that HI-Bio™, with Jeito’s ongoing strategic and operational support, has achieved significant progress in its late-stage clinical programs.

> This major exit validates Jeito’s unique and differentiated approach, a fund focused on selective deal sourcing and a value-accretive investment strategy aimed to accelerate the development of breakthrough therapies for patients suffering from life-threatening diseases and high unmet medical needs.

> This acquisition by Biogen Inc. is a new step in HI-Bio™’s strategic roadmap and will support bringing innovative therapies to patients.


Jeito Capital (“Jeito”), a global leading independent private equity fund dedicated to biopharma, is pleased to announce that Biogen Inc. (Nasdaq: BIIB) and HI-Bio™, a privately-held clinical-stage portfolio biotechnology company focused on targeted therapies for patients with severe immune-mediated diseases (IMDs), have entered into a definitive agreement under which Biogen has agreed to acquire HI-Bio™ for $1.15 billion upfront and up to $650 million in potential milestone payments.

HI-Bio™, is a San Francisco-based Phase II clinical-stage biopharma company with clinical development in Europe and the US. The company has several late-stage clinical development programs for felzartamab, its lead clinical therapeutic candidate, which are aimed at the treatment of four indications of severe immune-mediated diseases (antibody-mediated rejection (AMR), IgA nephropathy (IgAN), lupus nephritis (LN) and primary membranous nephropathy (PMN)).

Jeito significantly invested in HI-Bio™ first in November 2022, through participation in a $120 million Series A financing round and followed that with subsequent, significant investment in the $95 million Series B financing in January 2024. These financing rounds were made with other well-known investors in the life sciences industry: Alpha Wave Global, ARCH Venture Partners, Arkin Bio Capital, Monograph Capital and Viking Global Investors.

Thanks to the steady strategic and operational support facilitated by Jeito’s investment,
HI-Bio™, has made significant steps in advancing its clinical studies for felzartamab in three indications, including Phase 2 studies completed in Primary Membranous Nephropathy (PMN) and Antibody-Mediated Rejection (AMR) in kidney transplant patients and one still on-going in IgA nephropathy (IgAN)). HI-Bio™ has expanded its lead asset into a fourth indication (Lupus Nephritis with a Phase 1b study currently underway) and initiated a clinical development for a second asset, izastobart, an anti-C5aR1 antibody, which is now in a Phase 1 trial in healthy volunteers.

Based on this clinical progress, HI-Bio™’s has plans to advance felzartamab into Phase 3 in a potentially transformative therapeutic approach for severe kidney immune-mediated diseases.

In October 2023, felzartamab received Breakthrough Therapy Designation and Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for the treatment of primary membranous nephropathy (PMN) and received Orphan Drug Designation in March 2024 from the FDA for the treatment of antibody mediated rejection (AMR) in kidney transplant recipients.

This major exit demonstrates Jeito’s unique ability to source high-quality biopharma investments, financially and strategically support these companies in its portfolio in continuity with a significant deployment of capital, and accelerate and expand the company’s ability to achieve its strategy to develop a product pipeline with the goal of expanding development beyond initial addressable markets to bring much needed therapies to patients.

Rachel Mears, Partner at Jeito Capital and HI-Bio™ board member, shared: “I would like first to congratulate the HI-Bio™ team on their incredible journey and the value-creation milestones they achieved. Our steady support since Jeito’s initial investment in 2022, reflects our team’s commitment to mobilizing funding when needed and contributing strategic expertise alongside HI-Bio™’s talented management for the development of breakthrough therapies for patients with severe immune-mediated diseases, many of whom have inadequate treatment options today. This acquisition marks the beginning of a new phase in HI-Bio™’s growth as they combine with Biogen, and I would like to wish the whole team continued success in the future.”

Dr. Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, added: “This major exit demonstrates the relevance of our unique and differentiated investment strategy and patient-driven approach. Our focus on investing in highly promising innovative biopharma companies combined with a strong expertise in maximizing these companies’ potential are our key assets to create value, meet the Big Pharma’s strong demand for breakthrough innovations and go faster to get therapies to the patient. With the strong new support of Biogen, a leading global biotechnology company, HI-Bio™ will benefit from deep resources and leading expertise to accelerate its clinical programs and achieve new momentum. I would like to congratulate the entire team for their talent and great achievements.”

Travis Murdoch, M.D., CEO of HI-Bio™ said: “With its deep development and commercialization capabilities, Biogen is in a position to accelerate the development of new medicines, including felzartamab, for patients with severe immune-mediated diseases. We are excited to combine the HI-Bio™ team’s expertise with Biogen’s global footprint.”


Financial Details and Terms of the Transaction

Under the terms of the agreement, Biogen Inc. (NASDAQ: BIIB) will make an upfront payment to HI-Bio™ of $1.15 billion. HI-Bio™’ stockholders would also be eligible for payments of up to an additional $650 million, for a total potential deal value of up to $1.8 billion, should the felzartamab programs achieve certain development milestones.

The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals and is currently anticipated to close in the third quarter of 2024.


About Jeito Capital

Jeito Capital is a global leading Private Equity fund with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. Jeito empowers and supports managers through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access globally, especially in Europe and the United States. Jeito Capital has €534 million under management and a rapidly growing portfolio of investments. Jeito Capital is based in Paris with a presence in Europe and the United States.

For more information, please visit www.jeito.life or follow us on Twitter or LinkedIn.


For further information please contact:

Jeito Capital
Rafaèle Tordjman
Jessica Fadel, EA
jessica@jeito.life
Tel: +33 6 33 44 25 47

Maior
Stéphanie Elbaz
stephanie.elbaz@maior-conseil.com
Tel: +33 6 46 05 08 07

H/Advisors Maitland
Rachel Cohen
rachel.cohen@h-advisors.global
Tél. : +44 (0) 755 717 8196

   
Record changed: 2024-06-05

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