Guernsey and London, 19th December 2008 – Celtic Pharma Holdings Advisors LLP (“CPHA”) today announces the first close of the second Celtic Pharma fund, Celtic Pharma Holdings II LP (“CP2”). CPHA is a subsidiary of Beehive Capital LLP, the FSA-regulated fund manager. CP2 will remain open to subscriptions from new investors during 2009.
CP2 injects growth capital into investee companies and, in doing so, fully funds their development to an agreed exit point in exchange for a majority shareholding. CPHA provides world leading, pharmaceutical and biotechnology sector experience for the benefit of investee companies and helps them to optimise the development path for their drugs and devices, increasing the probability of their clinical success and maximising their commercial potential.
CPHA also announces the appointment of two new partners, Richard Garraway and Patrick Pico.
Commenting on the first close, John Mayo said: “It is a Victorian understatement to say that Growth Capital is at a premium today. Also investee company managements are learning to make each dollar, pound or euro go a lot further. This bodes very well for our investment returns and future development. The next three years will be remembered as a Golden Era for biotechnology and pharmaceutical investing”.
About Celtic Pharma Holdings Advisors LLP
Celtic Pharma Holdings Advisors is a global private equity fund management partnership focused on the biotechnology and pharmaceutical industries. Our second fund, Celtic Pharma Holdings II LP, invests in companies which own proven technology platforms and early clinical development-stage pharmaceutical programmes and directs the management of these programmes through their development prior to sale at proof of concept (with efficacy and safety data at end of Phase II clinical trials). For further information, please visit our website at www.celticpharmaholdings.com.
About the new partners
Dr. Richard Garraway joins with responsibilities for investments, corporate control and disposals. Before joining Celtic Pharma, Richard worked for Imperial Innovations plc, where he had responsibilities for creating, managing and directing new technology companies. Prior to this he worked in the corporate finance department of JP Morgan covering the pharma/biotech sector. He has an MBA from London Business School and a PhD in analytical biology. Patrick Pico joins the Manager following a career spent in investment and private banking where, most notably, he focused on transactions and relationships in the Middle East. He holds an MBA from Columbia University, New York.
