US-Israeli venture capital fund L Capital Partners, founded by managing partner Jonathan Leitersdorf, has sold portfolio company Protez Pharmaceuticals Inc. to Swiss giant Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ) for up to $400 million. $100 million will be paid immediately and an additional $300 million will be paid upon reaching milestones and in royalties on successful products.
Protez is a US start-up that develops new antibodies for hospital-based infections. The company has raised $23 million to date; investors will make a four-fold return on their investments, and up to a 16-fold return if all goes well.
Published by Globes [online], Israel business news - www.globes-online.com - on June 4, 2008
