 |
TORONTO - LONDON (October 21, 2004): Teachers’ Private Capital, the private equity arm of the Ontario Teachers’ Pension Plan (“Teachers’”), one of Canada’s largest investors, and Bioscience Managers Limited (“BML”), the specialist life science venture capital firm, announced today the closing of an innovative new partnership for investment in Canadian life science companies.
BML International Maple Leaf Fund I (the “Maple Leaf Fund”) will focus on private equity investments in mid-stage Canadian life science companies. Teachers’ is the sole investor in the vehicle. The Maple Leaf Fund intends to be a lead investor in syndicated investment rounds of approximately $20 to 30 million. BML will play an active role in these companies including board participation.
Teachers’ and BML believe there is a significant capital gap in the Canadian market for private companies that have successfully raised a number of rounds of venture capital, have achieved scientific proof of principle but are now engaged in more costly and challenging clinical development programs. These companies also need to further develop their international presence and networks which the BML team will actively support.
The Maple Leaf Fund will also consider private equity style investments in public companies, recognizing that some Canadian companies have been forced by venture capital restraints to go public earlier than might be optimal.
“We were delighted to partner with BML and attract a leading international fund manager to the Canadian venture capital landscape,” said Jim Leech, Senior Vice-President at Teachers’ and head of Teachers’ Private Capital. “While at Rothschild Asset Management, the principals of BML were recognized for their international perspective, and had a strong track record working with Canadian companies to help build successful global businesses. We believe this international perspective and investment style is critical in the life science sector and will be of great benefit to the Canadian landscape generally.”
“The pharmaceutical industry has global scale and reach, and is interested in world class products irrespective of their origins,” said Jeremy Curnock Cook a founder and Executive Chairman of BML. “The big pharmaceutical companies are indifferent whether a new product is developed in Toronto, San Diego, Melbourne or London and will actively seek the best products wherever they may be. As a result, investors in the sector must apply that same global perspective and must ensure that the companies they invest in are going to be that preferred supplier of product to the multinational pharmaceutical companies. We believe the Canadian landscape presents tremendous opportunity for internationally-minded investors, and we expect the Maple Leaf Fund to make three to four such investments over the coming 18 to 24 months.”
Mr. Curnock Cook spent more than 12 years at Rothschild Asset Management based in London, UK where he managed in excess of $1 billion dedicated to the life science sector globally. BML is establishing a Toronto-based office and team to complement its European presence in the United Kingdom, Germany and France for its pan-European life science focused fund BML BioEquity I, LP. Teachers’ also intends to make an investment commitment to this fund. Almeida Capital is the placement agent for BML BioEquity I, LP.
The Maple Leaf Fund is actively seeking investment opportunities.
For more information please contact:
Ontario Teachers’ Pension Plan
Lee Fullerton
Director, Communications and Media Relations
(416) 730-5347 ext. 5347
lee_fullerton@otpp.com
Bioscience Managers Limited
243 Knightsbridge
London, England
SW7 1DN
Telephone: +44 (0)207 225 4400
mf@biosciencemanagers.com
| Attention: | Michael Forer |
 | Managing Director |
Notes to Editors
About Teachers’ Private Capital
Teachers' Private Capital is the private equity arm of the $79 billion Ontario Teachers' Pension Plan, investing on behalf of 250,000 teachers in Ontario. With a portfolio of over $4.5 billion, Teachers' Private Capital is one of Canada’s largest private investors currently working with more than 100 companies and funds around the world to create value by providing long-term flexible capital.
About Bioscience Managers Limited
BioScience Managers Limited is an international venture capital firm regulated by the Financial Services Authority in the United Kingdom.
BML was founded in 2001 by Jeremy Curnock Cook, Michael Forer and Jonathan Hepple all formerly of Rothschild Asset Management. Mr. Curnock Cook was head of the life science private equity team at Rothschild where he had responsibility for more than 150 private equity investments and more than $1 billion in assets under management. While at Rothschild, the team had a Canadian presence in Toronto and Vancouver.
BML has a multidisciplinary professional team bringing together diverse backgrounds in science, medicine, business, law and finance along with accomplished professional careers in venture capital, academia and the biotechnology and pharmaceutical industries including senior management positions in research, operations, intellectual property, sales and strategy. This team is complemented by a prestigious Scientific Advisory Board including Sir Mark Richmond former head of R&D at Glaxo and a member of the board of directors of Genentech.
Read Jeremy Curnock Cook's biography
|
|
