Advent grows life sciences team Oliver Smiddy
26 Jun 2007
[They forgot to mention, that DD got kicked out of his previous job at Medarex after having been caught with both hands in the options jar]
Advent Venture Partners, a UK-based venture capital firm, has bolstered its life science team with two hires a week after successfully floating one of its companies on Amsterdam’s Euronext exchange.
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Don Drakeman and Rudi Pauwels have joined the firm’s life sciences team to source, assess and manage new investments, as well as provide advice to existing portfolio companies.
Drakeman will be based in Princeton, New Jersey, while Pauwels will be based in Lausanne, Switzerland.
Drakeman is an entrepreneur and has co-founded two multi-billion dollar biotechnology and drug development companies: Medarex and Genmab.
Pauwels is a pharmaceutical scientist and entrepreneur who has founded several European biotechnology businesses, including anti-HIV drug development group Tibotec, now part of pharmaceutical group Johnson & Johnson.
The pair join a week after Advent-backed biotechnology company Amsterdam Molecular Therapeutics listed on Euronext. The over-subscribed initial public offering, which raised €50m ($67m), priced at the top of its range at €10 per share. Advent Private Equity Fund IV had invested €22m in the company in July last year, in the largest funding commitment the company received.
A source at Advent said the €10 per share listing price represented a significant multiple to Advent’s cost per share when it invested in the business, achieved in less than a year. |
