Knight Therapeutics Inc. has committed to invest $10 million in HarbourVest Canada Growth Fund L.P. Knight said the HarbourVest Fund is part of the Government of Canada’s Venture Capital Action Plan.
MONTREAL, QUEBEC–(Marketwired – April 3, 2015) – Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company”), a leading Canadian specialty pharmaceutical company, announced today that it has committed to invest $10 million in HarbourVest Canada Growth Fund. L.P. (“HarbourVest Fund”). This investment is consistent with Knight’s strategy to leverage proven life science funds to help secure innovative pharmaceuticals for Canada and select international markets. Similar to the Teralys Capital Innovation Fund LP, the HarbourVest Fund is part of the Government of Canada’s Venture Capital Action Plan.
HarbourVest Fund is managed by an affiliate of HarbourVest Partners, LLC (“HarbourVest”). HarbourVest has received the ‘North American Fund of Funds of the Year’ award by Private Equity International multiple times over the last decade. With a 30-year history of venture and private equity investing, they have made direct and indirect investments of approximately US$5.1B in 3,285 unique healthcare companies.
“We harbour the belief that our ongoing fund investment strategy will continue to pay dividends in the form of both an LP return and, more importantly, relationships with key life science companies in order to secure Canadian product rights for Knight,” said Jonathan Ross Goodman, President and CEO of Knight. “In essence, we are being paid as an LP while we build our pipeline of innovative pharmaceuticals. We have now committed approximately $120 million of the $130 million we intend to invest into this strategy.”
About HarbourVest Partners
HarbourVest Partners is an independent private markets specialist, providing investment programs and customized solutions focused on venture capital, buyout, mezzanine debt, credit, and real assets through primary fund investments, secondary purchases, and direct co-investments. In more than 30 years of investing in private equity, HarbourVest Partners has committed more than US$25 billion to newly-formed funds, completed over US$11 billion in secondary purchases, and invested US$4 billion directly in operating companies. For more detailed information, visit www.harbourvest.com.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight’s shares began trading on TSX-V on March 3, 2014 and graduated to TSX on April 29, 2014 under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the Company’s web site at http://www.gud-knight.com or http://www.sedar.com.
Knight Therapeutics Inc. Forward Looking Statement
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the Company’s annual information form dated March 19, 2015. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.