Private angel group London Business Angels (LBA) announced today they have sold medical technology company Sirigen Group Ltd to US medical firm Benton, Dickinson and Company (BD) for an undisclosed sum.
Founded in 2004, the Hampshire-based firm specialises in providing High Sensitivity Fluorescence (HSF) diagnostic technology to the medical sector. Since January 2008 Sirigen had raised around £10m from four rounds of funding from LBA and private venture capital investors led by Seraphim Capital, and the sale is tipped to earn all investors up to 4 times return on their initial capital.
US firm BD is a global manufacturer and supplier of medical instruments and devices with a market capitalisation of around $15bn. The acquisition of Sirigen’s patented ‘light harvesting’ technology, based on Nobel Prize-winning research, will allow BD to expand and develop their offering in this area.
Anthony Clarke, CEO of London Business Angels commented, “Sirigen presented at LBA in May 2009 and whilst the benefits of its patented protected IP were apparent at the time the company was loss making and in need of further new monies to help it to commercialise.
LBA angels proceeded to invest circa £500k into this early stage business and for those who obtained EIS relief and held the shares for long enough this is likely to provide significant tax free capital gains from the recent exit. Sirigen Group is a good example of angels and VC’s co investing together in order to help a company achieve a considerable cash exit from a major US company.”