Molten Ventures VCT
plc
("Molten", the "VCT" or the
"Company")
Legal Entity Identifier:
2138003I9Q1QPDSQ9Z97
Hologic Inc. to acquire
Endomagnetics for approx. $310m
Molten Ventures VCT plc (LSE: MVCT),
a leading Venture Capital Trust investing in and developing high
growth digital technology businesses, notes the announcement
released by Hologic, Inc. (Nasdaq:
HOLX), a global leader in women's health,
that it is has signed a definitive agreement to acquire
Endomagnetics Ltd. (ÔEndomagÕ). The acquisition, which is subject
to regulatory approval as well as working capital and other
customary closing adjustments values Endomag at approximately
$310m.
https://www.londonstockexchange.com/news-article/GROW/hologic-inc-to-acquire-endomagnetics/16446345
Endomag is a medical technology
company, based in Cambridge, devoted to improving the global
standard of care in breast cancer. Its products include the
Magseed¨ marker for magnetic tissue localisation before surgery,
the Magtrace¨ lymphatic tracing injectable for breast cancer
staging and the Sentimag¨ platform, which supports both
localisation and lymphatic tracing.
Molten VCT first invested in Endomag
in July 2018, with investment alongside the balance sheet of Molten
Ventures plc (the parent company of the VCT Manager) and Molten
VentureÕs separate EIS funds. Follow-on funding was provided to
support EndomagÕs continued growth in 2020. The deal values Molten
VCTÕs stake in Endomag modestly above its last released September
2023 interim holding value of £8.69million.
In its recent interims, published 14
December 2023, Molten noted ÒWe are hopeful that conditions will
begin to improve in 2024 and that we may now be approaching a point
in the cycle when excellent investment opportunities in the sectors
in which your Company operates are available at attractive prices
which can drive strong performance in the futureÓ
David Brock, Chairman of the VCT, commented:
ÒThis transaction demonstrates our
ability through our VCT Manager to support innovative businesses as
they scale and create value for our shareholders through the
cycle.
These proceeds bolster the VCTs
distributable reserves which are available for paying dividends and
share buybacks. We will provide an update in respect of these
anticipated proceeds at the time of the VCTs full year results
which are due to be released towards the end of July
2024.Ò
-ENDS-
About Molten Ventures VCT
Molten Ventures VCT is a leading VCT
developing and investing in disruptive, high growth technology
companies through its VCT Manager Molten Ventures plc (LSE: GROW,
Euronext Dublin: GRW).
Over the past six years, Molten
Ventures plc has scaled its platform to enable access to some of
the best deal flow across Europe. The participation of the VCT
alongside co-branded Molten Ventures plc investment partners enable
the VCT to obtain access to private technology company fundraisings
that are rarely accessible to individual investors.
As at 30 September 2023, Molten
Ventures VCT had a diverse portfolio and has invested over £45
million into 39 technology companies. We invest across four
sectors: Enterprise Technology, Hardware and Deeptech, Consumer
Technology, and Digital Health and Wellness, with highly
experienced partners constantly looking for new opportunities in
each. We look for high-growth companies operating in new markets,
with aspirations for global expansion, strong IP, powerful
technology, and strong management teams to deliver success. We also
look for businesses with the potential to generate strong margins
to ensure rapid, sustainable growth in substantial addressable
markets.
The VCT therefore gives investors a
rare opportunity to invest in private companies, in their high
growth phase, that have the possibility to be breakthroughs in
their field and become attractive candidates for acquisition, or
IPO, with valuations from $50 million to $1 billion+.
For more information, go
to https://investors.moltenventures.com/investor-relations/vct
1 May 2024
