Vancouver, B.C. December 8, 2005 -
Second City
Portfolio Company ID Biomedical Sells to
SmithKlineBeecham
Second City Capital
Partners, a leading Canadian private equity fund,
successfully exited another portfolio investment this
week with the sale of ID Biomedical to GlaxoSmithKline.
Second City had led a $US60 Million investment into ID
Biomedical earlier in 2005.
“The sale of ID
Biomedical to GlaxoSmithKline is another validation of
our investment philosophy. Find quality companies run by
world class entrepreneurs and help them execute on their
strategy” said Chris Wallace, Managing Partner with
Second City Capital. “In this case, Second City was able
to help the company in a complex financing deal and do
so quickly so management could focus on running the
business. Obviously we are very pleased with the
results”.
ID Biomedical is an
integrated biotechnology company dedicated to the
development of innovative vaccine products. The company
had numerous products in pre-clinical, clinical and
marketed stages. GlaxoSmithKline is one of the
world’s leading research-based pharmaceutical and health
care companies. GlaxoSmithKline is committed to
improving the quality of human life by enabling people
to do more, feel better and live longer. For more
company information visit www.gsk.com
.
“ID Biomedical is an
excellent illustration of the Second City Capital model”
said Johnny Ciampi, Second City’s CFO. “ID Biomedical
had a very short timeline, the deal was fairly complex
and we were able to get up to speed, agree on terms,
find syndicate partners and close, all within 30 days”.
Launched in 2004
with $US100 Million in capital, the fund’s investment
mandate is to provide capital to leading mid market
companies. The fund invests in both private and public
companies and investments are typically made in the form
of equity or equity-like instruments, mezzanine loans,
bridge loans, or a combination thereof.
About Second City
Capital Partners
Second City Capital
Partners is a private equity fund staffed and funded by
some of North America’s leading investors. With $US100
Million in contributed capital, Second City Capital
Partners takes an opportunity focused, value-oriented
approach to investment with a strong emphasis on
management team strength, financial discipline and
market position. The fund invests across industries with
a particular emphasis on mid market opportunities
requiring $2.5 to $25 Million in capital. Larger amounts
can be provided through a deep Limited Partner and
co-investor network. Second City targets companies based
in Canada and the United States. See
http://www.secondcitycapital.com
For more information:
Please contact Chris
Wallace at 604-806-3350 or
cwallace@secondcitycapital.com
or Richard Osborn at 604-806-3350 or
rosborn@secondcitycapital.com
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