Medicxi’s €200 Million Structured Secondary Transaction

Travers Smith LLP has advised Medicxi on the deal.

Medicxi, the leading European life sciences investment firm, was involved in a ground-breaking €200 million structured secondary transaction, which is unprecedented in the biotechnology industry.

The interests in six clinical and preclinical stage companies held by Index Ventures Life VI, a dedicated life sciences fund advised by Medicxi, were acquired by a newly formed fund managed by Medicxi Secondary I LP (MS1). MS1 was anchored by leading secondary investor, Pantheon (London), with LGT Private Equity (Pfaeffikon, Switzerland) as co-lead investor.

MS1 acquired the portfolio at a premium to its net asset value and has committed to invest follow-on capital in each of the six portfolio companies to accelerate their clinical development plans through to the next stages of value creation. The investors in Index Ventures Life VI received proceeds from the sale of the portfolio to MS1 and were also offered the opportunity to re-invest their proceeds into MS1.

The Travers Smith team was led by Funds Partner Sam Kay (Picture) with support from Senior Associates Ed Ford and Katie McGarry and Associate Hannah MacDonald. The team also included Private Equity & Financial Sponsors Partner James Renahan, Private Equity Associates Oliver Murphy and Evander Obi, Head of Tax Emily Clark and Tax Senior Associate Sarah Moir-Porteous.

Involved fees earner: Emily Clark – Travers Smith; Ed Ford – Travers Smith; Sam Kay – Travers Smith; Hannah MacDonald – Travers Smith; Katie McGarry – Travers Smith; Sarah Moir-Porteous – Travers Smith; Oliver Murphy – Travers Smith; Evander Obi – Travers Smith; James Renahan – Travers Smith;

Law Firms: Travers Smith;

Clients: Medicxi Ventures;