Revelation Capital Management, LLC (“Revelation Partners”), a San Francisco-based investment firm focused on the healthcare sector, backed Rosetta Capital VI, LP (“Rosetta”) in the acquisition of seven biotech assets from Schroder UK Public Private Trust plc (“SUPP”) in an £85.0 million transaction. The closing of the acquisition occurred on March 15, 2021.
Dr Jonathan Hepple, Managing Partner, Rosetta, said, “We believe this is an attractive portfolio of biotech assets, representing a mix of companies in late-stage clinical trials, with multiple drugs under development, as well as one company in the liquid biopsy space with early revenue.”
Revelation Partners provides liquidity to investors in private healthcare companies giving counterparties the flexibility to manage their illiquid, private investments. These counterparties typically include corporations, venture capital firms, individuals and limited partners in investment funds. As part of that offering, Revelation Partners frequently partners with healthcare focused fund managers such as Rosetta in order to craft the best solution for its counterparties.
Scott Halsted, Managing Partner, Revelation Partners, said, “We are pleased to work closely with Rosetta to complete this transaction. It offers SUPP the opportunity to achieve its strategic objectives relative to these seven investments, while Rosetta’s experience in the biotechnology space, combined with Revelation’s backing, will allow strong support for these companies moving forward.”
As reported by SUPP, the initial purchase price was £52.9 million with the opportunity for SUPP to receive up to an additional £5.0 million in milestone payments. Revelation Partners and other investors capitalized Rosetta Capital VI with over £85.0 million, providing sufficient capital to support the portfolio moving forward.
Legal advice for Revelation Partners was provided by leading UK law firm Macfarlanes.
Kirkland & Ellis acted as legal counsel to Rosetta in the formation of Rosetta Capital VI and acquisition of the portfolio.
Revelation Partners is a San Francisco-based investment firm that invests in healthcare companies acquired in negotiated transactions from existing shareholders. It invests broadly across healthcare sectors with a focus on commercial companies with proven business models or companies with novel technologies that have clear clinical and regulatory pathways. It actively invests in the following healthcare verticals – medical devices, biopharmaceuticals, healthcare IT and healthcare services. For more information, please visit: www.revelation-partners.com.
Rosetta Capital Ltd
Rosetta Capital is a UK-based investment firm that invests in portfolios of direct venture capital investments in the life science sector. Rosetta’s funds encompass life science companies across North America, Europe and Asia. For more information, please visit: www.rosettacapital.com.
Macfarlanes is a leading law firm based in London. We work with corporate and private clients around the world on advisory and transactional matters as well as on disputes and investigations.
For more information, please visit: www.macfarlanes.com.
Kirkland & Ellis
Kirkland & Ellis is an international law firm with approximately 2,900 attorneys representing clients in private equity, M&A and other complex corporate transactions, litigation and dispute resolution/arbitration, restructuring, and intellectual property matters. The Firm’s Investment Funds Practice represents buyers, sellers, management teams and fund sponsors in secondaries transactions, regularly surpassing other firms in secondaries market volume across the United States, Europe and Asia. Kirkland advised on approximately $57 billion of secondaries transactions in 2020. For more information, please visit www.kirkland.com.
Rosetta Capital Ltd