REG - Molten Ventures PLC - Hologic, Inc. to Acquire Endomagnetics

Molten VenturesAnnouncement

30/04/2024 07:00

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RNS Number : 5631M  Molten Ventures PLC  30 April 2024

30 April 2024

 

Molten Ventures plc

("Molten", the "Group" or the "Company")

Hologic Inc. to acquire Endomagnetics for approx. $310m

Molten Ventures plc (LSE: GROW, Euronext Dublin: GRW), a leading venture
capital firm 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. ('Endomag'). The acquisition, which is
subject to regulatory approval as well as working capital and other customary
closing adjustments values Endomag at approximately $310m.

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 first invested in Endomag in July 2018, with investment from its
balance sheet and from its EIS and VCT funds. Follow-on funding was provided
to support Endomag's continued growth in 2020. The deal values Molten's stake
in Endomag modestly above its Group holding value of £35 million.

In its recent trading update, published 23 April 2024, Molten noted that FY25
was showing promise of a more normalised realisations market, with proceeds
expected to be meaningfully higher than the prior two years. The announcement
of the acquisition of Endomag follows Molten's recent announcement of the
proposed exit of Perkbox (announced on 18 March 2024 and subject to regulatory
approval).

Martin Davis, Chief Executive Officer of Molten Ventures, commented:

"This transaction, alongside Perkbox, demonstrates our ability to support
innovative businesses as they scale and create value for our shareholders
through the cycle.

"The news follows our recent announcement in relation to Perkbox, and reflects
the additional momentum being seen in the realisations market. With multiple
realisation processes either underway or planned across the portfolio we
expect to deliver in the region of £100 million of capital back to the
balance sheet this financial year.

"We will provide an update on our capital allocation policy in respect of
these anticipated proceeds, which focuses on NAV per share accretive
deployment, at the time of our full year results on 12 June 2024."

 

-ENDS-

 

Enquiries:

 

 Molten Ventures plc                              +44 (0)20 7931 8800

 Martin Davis (Chief Executive Officer)           ir@molten.vc

 Ben Wilkinson (Chief Financial Officer)

 Deutsche Numis                                   +44 (0)20 7260 1000

 Joint Financial Adviser and Corporate Broker

 Simon Willis

 Jamie Loughborough

 Iqra Amin

 Goodbody Stockbrokers                            +44 (0) 20 3841 6202

 Joint Financial Adviser and Corporate Broker,

 Euronext Dublin Sponsor

 Don Harrington

 Dearbhla Gallagher

 William Hall

 Powerscourt                                      +44 (0)7970 246 725

 Public relations                                 / +44 (0)7880 744 379

 Elly Williamson                                  molten@powerscourt-group.com (mailto:molten@powerscourt-group.com)

 Nick Hayns

About Molten Ventures

 

Molten Ventures is a leading venture capital firm in Europe, developing and
investing in disruptive, high growth technology companies. We inject visionary
companies with energy to help them transform and grow. This energy comes in
many forms - capital, of course, but also knowledge, experience, and
relationships. We believe it is our role to support the entrepreneurs who will
invent the future, and that future is being built, today, in Europe.

 

As at 30 September 2023, Molten Ventures had a diverse portfolio with
shareholdings in 74 companies, 17 of which represent our Core Portfolio
holdings and account for 62% of the Gross Portfolio Value. Our core companies
include Thought Machine, Coachhub, Form3, Aiven, Ledger and Aircall. 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.

 

Molten Ventures provides a unique opportunity for public market investors to
access these fast-growing tech businesses, without having to commit to long
term investments with limited liquidity. Since our IPO in June 2016, we have
deployed over £1bn capital into fast growing tech companies and have realised
£520m to 30 September 2023.

 

For more information, go to https://www.moltenventures.com/
(https://www.moltenventures.com/)

 

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