Bad Homburg v.d.H., June 1st, 2016 – Creathor Venture, one of the leading European Venture Capital firms, sells its shares in Sividon Diagnostics GmbH, the developer of the EndoPredict® test, to Myriad Genetics, Inc. (NASDAQ: MYGN). The financial terms for the transaction were €50 million incl. performance-based milestone payments for 100% of Sividon’s share capital.
Sividon is a management buy-out of Siemens Healthcare Diagnostics in Cologne and was founded in July 2010. Creathor invested as lead investor in Sividon’s first round of financing in 2011. With the investment of Creathor Venture and co-lead investor RVC (Rheinland Venture Capital) and co-investor KfW (Kreditanstalt für Wiederaufbau), Sividon grew to one of Germany’s leading molecular diagnostics companies. Sividon’s first product is EndoPredict®, which is an in-vitro diagnostics test to identify patients with primary breast cancer who can be safely and effectively treated without chemotherapy. Compared to conventional stratification tools EndoPredict® allows to reduce the use of chemotherapy by up to one third. EndoPredict® has been evaluated in 5 major studies incorporating more than 4,000 patients, utilized on a clinical basis in over 13,000 patients worldwide, and is extensively referenced in clinical guidelines across the globe. In a head-to head study, EndoPredict® has been shown to outperform the prognostic ability of the leading first generation test.
In January 2014 Sividon entered into an exclusive co-marketing agreement with Myriad Genetics covering the sales and marketing of Sividon’s EndoPredict® test outside of the United States. This collaboration developed exceptionally well and led to the increased interest of Myriad Genetics to acquire Sividon Diagnostics.
”We are very pleased with the sale of Sividon Diagnostics to Myriad Genetics. Sividon gained significant traction since our first investment and we were able to realize an attractive exit multiple for our investors. Sividon, with the support of Myriad, will now be able to accelerate international growth and launch the test on a global basis, including the US”, said Karlheinz Schmelig, Managing Partner at Creathor Venture.
”Sividon’s sale to Myriad Genetics is the next logical step to EndoPredict®’s international success.“ said Christoph Petry, Ph.D., Sividon’s CEO. “With the financial backing and strategic advice of Creathor we were able to strengthen Sividon’s position in the market and to produce the proof that EndoPredict® is clearly superior over its most important competitor’s product. As one of the leaders in diagnostic testing for breast cancer, Myriad Genetics is well positioned to now turn EndoPredict® into the global key product to help routing breast cancer patients to the most effective and most gentle therapy possible.”
“Sividon brings to Myriad the best-in-class breast cancer prognostic test and strengthens our market leading oncology portfolio of high value personalized medicine products.” said Mark C. Capone, president and CEO, Myriad Genetic Laboratories. “The EndoPredict® test will be the foundational product of our newly initiated kit-based strategy and allows Myriad to leverage its global oncology distribution to bring this important test to patients worldwide.”