It’s been an extraordinary May for Canaan Partners. Our portfolio company Advanced BioHealing (ABH) was acquired by Shire for $750M in an all cash deal just before they were slated to list on public markets. This was a fantastic outcome for the ABH team and for Canaan. ABH was an early investment by Canaan VII raised in 2005, and we were ABH’s largest shareholder.
We’re particularly proud of our success with ABH because Canaan’s team is substantially responsible for guiding ABH to this moment. Stephen Bloch, a general partner at Canaan, built ABH nearly from scratch several years ago. As executive chairman, Steve led ABH to buy Dermagraft, ABH’s anchor product in a corporate divestiture auction. Steve hired Kevin Rakin, (a former portfolio CEO and Entrepreneur in Residence with Canaan) to build up the company from three initial employees. The core management team had previously worked with many of Canaan’s former healthcare portfolio companies. The company, which now has 400 employees, is headquartered near Canaan’s Westport, CT office with manufacturing operations in La Jolla, CA.
We also had exciting feedback from during the IPO road show — the ABH team did a marvelous job. ABH was set to price and there was every indication this would have been one of the best healthcare IPOs in years. ABH’s revenue growth and profits are rarely seen in new public issues in healthcare (or in many technology companies either right now); all reasons for driving Shire’s interest in ABH.
Canaan remains committed to finding great ideas and great people, and doing everything possible to build great companies.
- Alok Mittal, MD, Canaan India
BharatMatrimony the leading online matchmaking site, has announced the launch of its new wedding gifts portal, MatrimonyGifts.com, complementing its first offering. With this move, it is looking to capitalize on the growing market for gifts items in India.
Naaptol the Indian online shopping store, is planning to foray into TV. They already have partnerships with multiple channels on hourly slots and are now looking at launching a 24-hour channel. Naaptol has also just launched an Android app that will allow users to view product information on their smartphones.
Zuberance a leading US-based social media marketing agency, reveals that companies who engage and then reward their brand advocates, are seeing a 10 fold increase in ROI in media and sales value.
Blip.tv a Next-generation television network which aims to make independent Web shows sustainable, has signed a distribution deal With Fred, iJustine and other collective video producers.
The Economic Times, captures the thoughts of Rahul Khanna, MD, Canaan India on the Microsoft takeover of Skype.
The Economic Times, captures the thoughts of Alok Mittal, MD, Canaan India, on the trends in the VC industry in India.
Rahul Khanna, MD, Canaan India, participated at Startup Garage, an event for startups to develop their business ideas, where he mentored groups of nascent entrepreneurs.
Canaan Partners invests in entrepreneurs and works alongside them to turn visionary ideas into valuable companies. Since 1987, the firm has catalyzed the growth of disruptive technology startups and healthcare companies revolutionizing the practice of medicine. With $3.4 billion under management and more than 94 acquisitions and 54 IPOs to date, Canaan has funded companies such as Acme Packet, Associated Content (acquired by Yahoo), CommerceOne, DoubleClick (acquired by Google), ID Analytics (acquired by LifeLock), Match.com (acquired by IAC), SandForce (acquired by LSI), SuccessFactors (acquired by SAP) and Virsto Software (acquired by VMware), as well as notable healthcare companies such as Advanced BioHealing (acquired by Shire), BiPar Sciences (acquired by Sanofi), Chimerix (NASDAQ: CMRX) and Elevation Pharmaceuticals (acquired by Sunovion). Current technology investments include Blurb, Kabam, Lending Club, Performance Marketing Brands, SOASTA, Tremor Video and Zoosk in the U.S.; BharatMatrimony and UnitedLex in India; and PrimeSense and LiveU in Israel. The Canaan healthcare portfolio includes emerging leaders such as Liquidia Technologies, Civitas Therapeutics and DICOM Grid. Canaan maintains a presence in the global innovation hubs of Silicon Valley, New York City, India and Israel. For more information visit www.canaan.com or www.facebook.com/canaanpartners.
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