UK investor syndicate sells Sirigen to BD

29/8/12

Venture capital backed High Sensitivity Fluorescence Business, Sirigen Group Limited, has been acquired by BD (Becton, Dickinson and Company), a leading global medical technology company for an undisclosed sum. Founded in 2004, Sirigen uses Nobel-prize winning science to produce light harvesting polymers which have a wide range of applications in research, medical diagnostics and life sciences.

BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world.

Sirigen is headquartered at Ringwood, Hampshire, UK with offices in San Diego, California and employs 15 staff across these locations. Sirigen has raised £10.3 million across four rounds of funding since January 2008 from UK venture capital investors Seraphim Capital, Oxford Capital Partners, IQ Capital, Nesta and YFM Equity Partners who are fully realising their holdings and achieving potential returns in the range of 2.5x - 4.0x on their original investment.

Sirigen's patented High Sensitivity Fluorescence^TM (HSF^TM) technology will enable BD to develop unique dyes and antibody specificity releases over the next two years to significantly expand its life science research reagent portfolio. Sirigen's light harvesting technology can dramatically boost the sensitivity of fluorescent reagents, making them four to ten times brighter than conventional dyes - a breakthrough in the field. 

Nick Kerton, former CEO of Sirigen, commented: "BD and Sirigen have established a strong relationship over the last 6 years and BD's technical expertise is an excellent match to the highly talented and unique Sirigen Chemistry team.  Over the next few years the teams will work to accelerate the development of novel dyes for flow cytometry analysis based on Sirigen's uniquely tuneable fluorescent chemistry. Our longstanding relationship and complementary teams gives me a great deal of confidence that they will deliver exciting offerings for customers". 

Investors helped shape the business and in 2010 brought on board diagnostic industry veteran David Evans as chairman. David is an entrepreneurial accountant focussed in early stage and high-growth medical diagnostics and life science companies.

Kit Hunter Gordon, Chairman, Seraphim Capital said:

"Seraphim recognised early on that Sirigen's work with light conducting polymers was potentially a disruptive technology with the potential to dramatically improve performance across a significant part of the $40bn plus diagnostic industry and enable companion diagnostics at the point of care for which existing technologies were insufficiently sensitive.  We have worked very closely with the company over the years and brought together a syndicate of supportive investors which have enabled it to commercialise its technology, build strong channel partners and transform the value of the business." 

David Mott, Investment Director, Oxford Capital Partners said: 

"Sirigen is a great example of how entrepreneurs and scientists working with specialist investors can convert a technology platform into a valuable business. We're proud to have played our part in helping Sirigen's technology become a truly disruptive innovation within the diagnostics market."

Max Bautin, Partner at IQ Capital, said:

"We work and invest alongside successful entrepreneurs and renowned sector experts to create exceptional and sustained growth for investee companies. In Sirigen we brought in David Evans as an investing Chairman to work alongside the CEO creating a successful exit and an excellent IRR."

Ivan Griffin, Investment Director, Nesta, said:

"We are delighted to have worked with Nick, David and the Sirigen team over the last two years. Sirigen is a tremendous example of how venture capital can assist innovative technology to market and create real value."

David Bell, Director at YFM Equity Partners, said:

"YFM places great emphasis on working with great non-executive talent and with Sirigen David Evans has now helped us achieve successful realisations in three portfolio companies."

For further information please contact:

Kit Hunter Gordon, Chairman, Seraphim Capital                         0207 720 4255

kit@seraphimcapital.co.uk 

Media inquires, contact:

Ingrid Tighe, Pivot Partners on 07962 276580 or Ingrid@pivotpartners.co.uk

Notes to Editors:

About Seraphim Capital (www.seraphimcapital.co.uk)

Seraphim Capital is a £30m UK-based venture capital fund. It is an angel-led Enterprise Capital Fund and is backed by business angel investors and corporate venturers from across the UK and the USA. Seraphim invests in early stage high growth UK businesses with highly scalable, disruptive technologies that are addressing large global markets.

About Oxford Capital Partners Limited (www.oxcp.com)

Founded in 1999 Oxford Capital is a specialist investment manager working on behalf of institutional and private investors.  It focuses is on investing in established companies around three super-growth themes of communications, healthcare and sustainability. Its expertise lies in accelerating businesses with potential for high growth into global markets.  Oxford Capital currently oversees a portfolio of around 25 companies, many of which have already distinguished themselves as global leaders having expanded into international markets in Europe, the US, Latin America, the Middle East and Asia. 

The firm is the UK's leading enterprise financier with EIS capital and manages a range of funds designed for private investors, family offices and institutions to access growth capital opportunities and alternative investments. In the UK, Oxford Capital pioneered the tax efficient Enterprise Investment Scheme (EIS) Fund which offers a range of tax advantages to investors. Oxford Capital has offices in the UK, Switzerland and Hong Kong. It manages an international network of partners and advisers to support the development of its portfolio companies.

About IQ Capital Partners LLP (www.iqcapital.co.uk)

IQ Capital Partners is a dynamic venture capital team based in Cambridge. We invest in companies exploiting smart 'IQ'-intensive technologies. We manage the IQ Capital Fund and two seed funds. We can invest from £100k to £3 million in UK-focused, rapidly developing businesses. We work and invest alongside successful entrepreneurs and renowned sector experts to create exceptional and sustained growth for investee companies.

About Nesta (www.nesta.org.uk)

Nesta is a leading investor in innovation, from technology start-ups and public policy, to social enterprise and backing creative individuals. Through Nesta's venture investments portfolio, we support young, innovative technology businesses directly and indirectly by seeking to improve the environment within which early stage ventures can grow. We do this by providing investments and mobilising research, networks and skills. We are an independent charity and our work is enabled by an endowment from the National Lottery. Nesta Operating Company is a registered charity in England and Wales with a company number 7706036 and charity number 1144091. Registered as a charity in Scotland number SC042833. Registered office: 1 Plough Place, London, EC4A 1DE. 

About YFM Equity Partners Limited (www.yfmep.com)

YFM Equity Partners (www.yfmep.com) is celebrating 30 years of investing in Britain's smaller businesses, 1982 - 2012. YFM Equity Partners invests up to £10m of equity into fast growing businesses across the UK. It has an experienced team of investors with a strong track record of working alongside management teams to create transformational growth and build great British businesses. Its portfolio includes: cyber security firm, Deep Secure, medical communications company, Fishawack, kitchen manufacturer and retailer, Harvey Jones and outdoor equipment and clothing retailer Go Outdoors. Recent investments include: Castlerock Recruitment Group, PowerOasis and Bagel Nash. 

YFM Equity Partners has two wholly owned subsidiary companies which are authorised and regulated by the Financial Services Authority. YFM Private Equity Limited (122120) and YFM Venture Finance Limited (224728) have been managing funds specialising in transforming small businesses for almost 30 years.  YFM Equity Partners, through its regulated subsidiaries, manages a number of investment funds. This release may not be taken as an invitation to invest in any company or any fund. Before taking any investment decision, independent advice should be taken and this may vary according to individual circumstances.