Business Wire

Sofinnova Partners Announces Sale of Corvidia Therapeutics to Novo Nordisk

Share

Sofinnova Partners, a leading European life sciences venture capital firm based in Paris, London and Milan, announced today the sale of its portfolio company Corvidia Therapeutics to Novo Nordisk, for $2.1 billion, including an upfront payment of $725 million. Corvidia, an AstraZeneca spin-off, is a clinical-stage company focused on the research, development and commercialization of transformative therapies for cardio-renal diseases. Sofinnova Partners was Corvidia’s sole seed financial investor in 2015 and it has remained the largest shareholder throughout the company’s evolution.

Sofinnova Partners helped recruit Corvidia’s top management team members, including Sylvie Grégoire, a seasoned pharma executive and entrepreneur, in 2016, to chair the Board, and Marc de Garidel as Chief Executive Officer in 2018. Before joining Corvidia, Mr. de Garidel was the Chairman and CEO of Ipsen, a publicly-listed French pharmaceutical company.

Graziano Seghezzi, Managing Partner at Sofinnova Partners, commented, “This acquisition is the culmination of a quintessential Sofinnova Partners investment, from seed to exit. We are especially proud of the high-caliber team we helped establish, which includes veteran executives like Marc de Garidel, who has been instrumental in this deal.”

Mr. de Garidel, CEO of Corvidia, said, “Sofinnova Partners has played a central role in building this company from the very beginning, leveraging its extensive international network to bring in key hires and providing strategic guidance to advance our scientific work around precision therapies for cardiovascular diseases.”

Sofinnova Partners co-founded Corvidia alongside Michael Davidson, M.D., a serial entrepreneur and a recognized authority in the field of cardiology. Dr. Davidson was co-founder and Chief Medical Officer of Omthera Pharmaceuticals, for which Sofinnova Partners was also the lead investor, and which was acquired by AstraZeneca for $443 million in 2013.

Mr. Seghezzi added, “This milestone demonstrates the strength of our cornerstone strategy of backing extraordinary entrepreneurs with whom we have long-standing relationships. Moreover, it exemplifies the resilience of our business of developing game-changing therapies that will impact patients’ lives, while consistently generating outsized venture returns for investors, despite the challenges of the current global crisis.”

About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, with offices in London and Milan, the firm brings together a team of 40 professionals from all over Europe, the U.S. and Asia. The firm focuses on paradigm-shifting technologies alongside visionary entrepreneurs. Sofinnova Partners invests across the Life Sciences value chain as a lead or cornerstone investor, from very early-stage opportunities to late-stage/public companies. It has backed nearly 500 companies over more than 48 years, creating market leaders around the globe. Today, Sofinnova Partners has over €2 billion under management. For more information, please visit: www.sofinnovapartners.com

About Corvidia Therapeutics
Based in Boston, MA, Corvidia is a biotechnology company pioneering the next generation of cardiovascular therapies. Leveraging functional genomics, the company’s founding team has decoded previously unrecognized genetic susceptibilities within general cardiovascular populations. Corvidia’s pipeline programs precisely identify patients with unique sensitivity to specific biologic pathways, potentially allowing for the rapid development of therapies targeting those pathways. For more information, please visit: www.corvidiatx.com

Contact information

Media Contacts:
Bommy Lee
Head of Communications, Sofinnova Partners
blee@sofinnovapartners.com
+33 (0) 6 47 71 38 11

Italy
Havas PR Milan
Marco Fusco
Marco.fusco@havaspr.com
+39 (0) 3456538145

Antonio Buozzi
antonio.buozzi@havaspr.com
+39 (0) 3200624418

North America
RooneyPartners LLC
Kate Barrette
kbarrette@rooneyco.com
+1 212 223 0561

France
StrategiesImage
Anne Rein
anne.rein@strategiesimage.com
+33 (0) 6 03 35 92 05

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Moody’s Analytics Wins Two Risk Technology Awards for Stress Testing Solutions15.7.2020 14:00:00 EESTPress release

Moody’s Analytics has won Enterprise-Wide Stress Testing Product of the Year and Credit Stress-Testing Product of the Year in the 2020 Risk Technology Awards. They’re two of our seven wins in this year’s awards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200715005065/en/ To manage financial risk, banks must understand the potential impacts of different economic scenarios on their credit portfolios. They perform stress tests both to address regulatory requirements and to extract business value from the results, for more informed risk management. Moody’s Analytics solutions help them achieve both goals. Our solutions, including the cloud-based Capital Risk Analyzer, drive stress testing and forecasting programs at banks around the world. Customers make use of the insights gained from stress testing to fulfill regulatory requirements, perform capital planning, and make better and more strategic business decisions. “We’re ho

Brand New Virtual Exhibition in July - Summer Sourcing Weeks丨Go ONLINE15.7.2020 13:07:00 EESTPress release

The COVID-19 outbreak has put a damper on business activity across the world. With travel limitations in place across markets, it is difficult for international buyers to travel for visiting physical exhibitions. But there is a simple solution – go digital. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200715005405/en/ Brand New Virtual Exhibition in July - Summer Sourcing Weeks | Go ONLINE (Photo: Business Wire) Summer Sourcing Weeks丨Go ONLINE (SSWGO) organised by the Hong Kong Trade Development Council (HKTDC) offers a one-stop sourcing online platform for buyers and suppliers to continue exploring business opportunities in industries including lighting, electronics, ICT, medical & healthcare, houseware, fashion, home textiles & furnishings, gifts & premium as well as printing & packaging. Click2Match is a brand new AI-enabled business matching platform in SSWGO. With tailor-made virtual meeting, meeting planner, live cha

IDEMIA Wins the Security Industry Association (SIA) Award for the Best New Biometric Product for Its VisionPass Advanced Facial Recognition Device15.7.2020 10:00:00 EESTPress release

IDEMIA, the global leader in Augmented Identity, today announces that VisionPass, its newly launched advanced facial recognition device, won the SIA New Product Showcase Award in the Biometric category, at a virtual ceremony held on July 9th. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200715005029/en/ (Photo: Business Wire) IDEMIA’s team defended the company’s submission in front of the judges by giving a “behind the curtain” overview of why and how IDEMIA developed this product, from a blank sheet of paper, listening to partners’ and clients’ pain points, as well as to their needs in terms of performance, reliability, user experience, etc. The team then explained the technical choices made by its R&D team to meet these very demanding requirements and come up with what is now confirmed with this award, as the most advanced facial recognition terminal on the market. Its 2D+3D+infrared cameras, combined with AI-trained alg

Eaton’s Vehicle Group Leveraging Industry 4.0 Technology to Navigate COVID-19 Pandemic15.7.2020 00:37:00 EESTPress release

Power management company Eaton today announced its Vehicle Group has been leveraging advanced Industry 4.0 technology to help its global operations safely navigate the ongoing COVID-19 crisis and continue to service its customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200714006047/en/ 3D-printed latticed aluminum aerospace parts, which were produced with Laser Powder Bed Fusion on a Concept Laser M2 UP1 3D printer. (Photo: Business Wire) Eaton’s Vehicle Group envisions Industry 4.0 as both operational and informational technologies, enabling autonomous production systems that are connected, optimized, transparent, proactive, and agile. Supported by an integrated ecosystem, the technologies are composed of augmented reality, rapid application development, autonomous robots, digital simulation, and additive manufacturing. “I’m proud of our Vehicle Group team and their ingenuity, especially during the COVID-19 pandemic

PTC Named Global Manufacturing Partner of the Year in the 2020 Microsoft Partner of the Year Awards14.7.2020 21:35:00 EESTPress release

PTC (NASDAQ: PTC) today announced it has been named the Global Manufacturing Partner of the Year, for the second year in a row, in the Microsoft 2020 Partner of the Year Awards. Honored among a global field of top Microsoft partners, PTC has demonstrated excellence in innovation and implementation of customer solutions based on Microsoft technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200714005951/en/ Honored among a global field of top Microsoft partners, PTC has demonstrated excellence in innovation and implementation of customer solutions based on Microsoft technology. “We are pleased to announce that PTC has been recognized by Microsoft as the Global Manufacturing Partner of the Year for the second consecutive year,” said Jim Heppelmann, President and CEO, PTC. “Together, PTC and Microsoft have enabled digital transformation for some of the world’s largest organizations. We look forward to continuing that succ

Spotify Launches in Russia and 12 Additional European Markets14.7.2020 20:30:00 EESTPress release

Spotify (NYSE: SPOT) today launched its service in 13 new markets across Europe including Russia, one of the world’s top 20 largest streaming markets. Already the world’s most popular audio streaming subscription service, with today’s expansion, Spotify now reaches a current total of 92 markets worldwide. Spotify’s 13 new markets include: Albania, Belarus, Bosnia & Herzegovina, Croatia, Kazakhstan, Kosovo, Moldova, Montenegro, North Macedonia, Russia, Serbia, Slovenia, Ukraine. As the leading platform driving music discovery on more types of devices than any other service, Spotify’s expansion in Europe comes as consumers in the region embrace streaming. According to the International Federation of the Phonographic Industry (IFPI), Russia is the 17th-biggest streaming market in the world and on pace to be the 10th-biggest streaming market by 2030. More than 87 percent of fans in Russia now access music through streaming, compared to 61 percent adoption globally, and 68 percent adoption

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom