Igenomix

Charme III case study

  • #

Investment Highlights

  • Corporate Carve-out: Charme acquired Igenomix from one of the world’s largest in-vitro fertilisation (IVF) clinics, in partnership with the CEO, David Jiménez, and Chief Scientific Officer, Carlos Simón, a world-renowned researcher in reproductive medicine
  • Scientific Leader: The Charme team identified that Igenomix was a leader in its field, with unique R&D capabilities driven by a world-leading scientific team. This has allowed the business to launch at least one proprietary test per year
  • International Expansion: Charme accelerated the international growth of the business, helping Igenomix to expand into new markets, including the UK, Japan, Canada, Argentina, Italy, Turkey, Kuwait, Russia, China, Peru and Lebanon
  • Structured exit: Sold a majority stake to EQT in 2019 (crystallising a 4.3x return, with additional upside from an earn-out), retaining a minority stake to allow continued exposure to the business’s growth
Igenomix key statistics

Investment Summary

Igenomix is a leading global biotechnology company focused on reproductive genetic testing. The business was spun out from one of the world’s largest in-vitro fertilisation (IVF) clinics, the Instituto Valenciano de Infertilidad (IVI), in 2011. It had been run separately, but the growth of the business had been constrained by being captive to the core IVI clinics business

Igenomix, headquartered in Valencia, Spain, uses the most advanced technology to offer pioneering genetic testing services in reproductive medicine. It works closely with IVF clinics around the world to help increase the chances of successful pregnancies and aid medical professionals in delivering healthier babies

Charme acquired Igenomix from IVI in 2016 and since then it has actively worked together with the CEO David Jimenez and the R&D team composed of 25 top class scientists and researchers led by Professor Carlos Simon

Charme invested to help Igenomix accelerate its internationalisation across developed and developing markets; expand its world-leading R&D capabilities that aim to introduce breakthrough innovations in genetics in reproductive medicine; and support the broadening of its scope of genetic testing services, including the launch of innovative new proprietary tests that are now addressing broader women’s health conditions beyond the IVF field

Charme actively worked with the management to expand Igenomix internationally by strengthening its market position in the US and expanding into several new markets such as the UK, Japan, Canada, Argentina, Italy, Turkey, Kuwait, Russia, China, Peru and Lebanon

Today, Igenomix helps patients across the globe from 15 advanced laboratories in 13 different countries and has multiple promising new patents currently undergoing pre-clinical studies

During its ownership period, Charme invested heavily to support the continued development of Igenomix’s world-class R&D function and the formation of joint R&D efforts with leading universities, including Stanford, Harvard and Baylor

In June 2019, Charme sold a majority stake in Igenomix to EQT, the global Private Equity investor. Charme retained a minority stake as well as negotiating an earn-out mechanism to further benefit from Igenomix’s continued growth

Revenues €M

<p>Revenues €M</p>
<p>Revenues €M</p>

EBITDA €M

<p>EBITDA €M</p>
<p>EBITDA €M</p>
“Charme’s resources, industry experience and strategic vision have been a differentiating factor during the company’s period of high growth over the past few years. We would like to thank their team for all their help and we look forward that they will continue to back Igenomix’s continued development as we enter the next phase of our journey.”

David Jimenez, Chief Executive Officer of Igenomix

Privacy Statement

This website is operated by Charme Capital Partners SGR S.p.A. for Charme Capital Partners Limited and its affiliates (“we” or “us”). This privacy statement outlines how we use any information you may provide to us when you visit our website, and includes details of our use of cookies. If you wish to contact us in relation to our use, storage or processing of your personal data, please contact us.

If you contact us via the ‘Get In Touch’ form on our website we will hold your name and email address (as well as any other personal information you may send us, such as your phone number), which we will use to respond to your enquiry. We may also use this information to send you other business and marketing communications. If you do not wish to receive such communications you should opt out by contacting us at the email address above. As part of our processing activities we may transfer your personal information outside the EEA. While some countries outside the EEA do not offer the same level of protection for personal data as countries within the EEA, we will take all reasonable steps to ensure that your personal data is processed securely and with an adequate level of protection.

Cookies

We use cookies as set out below. Cookies are text files containing small amounts of information which are downloaded to your device when you visit a website and sent back to the originating web domain on your subsequent visits to that domain. Most web pages contain elements from multiple web domains. If you do not agree to our use of these cookies please disable them by following the instructions for your browser set out here or use the cookies’ own automated disabling tools.

We make use of analytic cookies to analyse how our visitors use our website and to monitor website performance. This allows us to provide a high quality experience by customising our offering and quickly identifying and fixing any issues that arise. Our website currently uses the following performance cookies:

Cookie name Source Purpose Further information
_utma,
_utmb,
_utmc,
_utmz
Google Analytics These cookies are used to collect information about how visitors use our website. These cookies collect information in an anonymous form, including the number of visitors to the portal, where visitors have come to the site from and the pages they visit. Persistent (except _utmc, which is a session cookie). Google Analytics provides an opt-out facility at: https://tools.google.com/dlpage/gaoptout Further information about Google’s privacy measures can be found at: https://support.google.com/analytics/ answer/6004245

We may also use your IP address and browser type to help diagnose problems with our server, to administer our products and to improve the functionality of our website. An IP address is a numeric code that identifies a user’s computer on the internet. It might also be used to gather broad demographic information. We do not use IP addresses to derive the identity of the person using the IP address.

We may make changes to this privacy statement from time to time. We therefore encourage you to review it periodically to stay informed of how we are using personal information.