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Print Edition StoriesWednesday, November 4, 2009
Boston Millennia, Polaris benefit in $400M Athenix buyout
By Craig M. Douglas
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Boston Millennia Partners and Polaris Venture Partners are among the investors on the receiving end of a major cash out in Bayer CropScience’s agreement to pay up to $400 million for agri-tech developer Athenix Corp.
The two Boston-area venture firms invested in all of North Carolina-based Athenix’s three funding rounds, backing the biotechnology company to the tune of some $33 million. Co-investors included Eastman Ventures, the venture capital arm of Eastman Chemical Co., and San Diego-based Finistere Partners, among others.
Athenix develops technologies for the agricultural and industrial industries, relying on an intellectual property portfolio to enhance plants and harvesting techniques for farmers and other large-scale product developers.
Under the deal’s terms, Germany-based Bayer CropScience has agreed to pay $365 million for Athenix. The agreement also paves the way for another $35 million in potential milestone payments.
Boston Millennia said the transaction represents a 10-to-1 return on its investment in Athenix.
“This high value sale was the result of Athenix’s unique intellectual property, as well as superior execution of several development programs by its management team,” said Boston Millennia Managing Partner Dana Callow, in a prepared statement.
Boston Millennia Partners is based in Boston, while Polaris Venture Partners is headquartered in Waltham.
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