China's HighLight to exit US-based biotech player Bonti
Chinese healthcare-focused GP HighLight Capital is set to exit its position in US-based biotechnology company Bonti after Allergan agreed to acquire the business for $195 million, plus additional payments if certain development targets are met.
HighLight first backed Bonti in early 2017, leading the extension to a Series B round worth $11.7 million in total. It then led a $15.5 million Series C at the beginning of this year. The company already has two treatments in phase-two clinical trials in the US and HighLight wanted to use that data as the basis for launching trials in the China market as well. Several Chinese clinical research organizations had expressed an interest in working with Bonti towards getting local regulatory approval.
The company develops fast-acting neurotoxin products used in therapeutic and cosmetic surgery. It is currently working on one treatment for localized muscle pain caused by contractions and spasms and another that reduces frown lines and scars following surgery. According to Bonti, preclinical and clinical data show that the strain of botulinum neurotoxin it uses acts faster than most others on the market while courses of treatment are shorter.
The company was founded and is led by executives with extensive experience obtained at Allergan with botulinum neurotoxin products. Allergan is a global pharmaceutical company headquartered in Dublin. It generated $15.9 billion in revenue last year.
“The acquisition of Bonti is a strategic investment for the future of our medical aesthetics business and has the potential to enhance our best-in-class Medical Aesthetics pipeline,” said Brent Saunders, chairman and CEO of Allergan, in a statement. “With the medical aesthetics market vastly expanding, a fast-acting neurotoxin with a two to four-week duration will be an attractive option for consumers, particularly those who are considering a medical aesthetics treatment for the first time.”
HighLight invests in healthcare companies that have strong growth prospects in China. It has $875 million under management across US dollar and renminbi-denominated funds. The firm closed its second US dollar fund at $250 million last October, having raised RMB1.5 billion ($219 million) for its second local currency vehicle earlier in the year.
Other investors in Bonti include City Hill Ventures, Colt Ventures, RBV Capital, and JMCR Partners.
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