BLUE SKY CASHES IN HATCHTECH INVESTMENT

BLUE SKY CASHES IN HATCHTECH INVESTMENT

BLUE Sky Alternative Investments (ASX:BLA) has marked a milestone in its venture capital division, with the exit of head lice treatment company Hatchtech.

The Melbourne-based pharmaceutical company has entered into a commercial agreement with Dr Reddy's Laboratories in India. The deal is expected to be valued at up to $278 million.

This will be Blue Sky Venture Capital's first exit from its VC2012 portfolio, after investing in Hatchtech in 2013 as part of a $12 million syndicate led by OneVentures.

Along with support from existing backers, the investment allowed the company to complete the final stage of its clinical trial for Xeglyse - a treatment to kill both lice and eggs without the need for a comb.

Blue Sky Venture Capital investment director Dr Elaine Stead (pictured) says the deal is a big win for private capital markets.

"This is a huge deal for Australian venture capital, and for local talent," Stead says.

"It is also a great example of how collaborative the VC industry is in Australia which is a benefit to both investors and the investee company.

"We provided growth capital and, just as importantly, networks and expertise, bringing more smart people and useful networks to the table.

"Without a doubt, we have exceptional and world-class talent in Australia and we are starting to see excellent successes in Australian venture-backed companies that are delivering great results."

Stead says Blue Sky has a policy of taking an active role in all its investee companies to support their expansion.

 

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Australian Millennial managers look to offshoring to solve global talent shortage problem
Partner Content
New research reveals that more than half of Australia’s next-gen leaders are cons...
Cloudstaff
Advertisement

Related Stories

Musk, Wozniak, tech leaders sign open letter calling for pause on “out-of-control” AI development

Musk, Wozniak, tech leaders sign open letter calling for pause on “out-of-control” AI development

An open letter signed by more than 1,000 artificial intelligen...

HealthCo raising $320m to fund $1.2b acquisition of Healthscope hospitals

HealthCo raising $320m to fund $1.2b acquisition of Healthscope hospitals

HealthCo Healthcare and Wellness REIT (ASX: HCW), a property invest...

Medibank shareholders launch new class action over cyberattack

Medibank shareholders launch new class action over cyberattack

Private health insurer Medibank (ASX: MPL) has been hit with a thir...

Meriton guest database "not compromised" in data hack

Meriton guest database "not compromised" in data hack

Billionaire Harry Triguboff's hotel and property empire Meriton...