Internationally leading life sciences investor, Jeremy Curnock Cook, is in New Zealand this week after the IB Australian Bioscience Fund I, managed by Octa Phillip Bioscience Managers (OPBM) has entered into a conditional Subscription Agreement* to invest NZD$2.5 million into Claridge Capital (NZX.CLA), in conjunction with Claridge's acquisition of SeaDragon Marine Oils.
Mr Curnock Cook is the Managing Director of Octa Phillip Bioscience Managers (formerly IB Managers). With a 30+ year history in life science investing and a history of delivering exemplary investor returns, he leads a global team of multi-disciplinary industry experts, headquartered in Melbourne.
SeaDragon Marine Oils is an expanding innovative business based in Nelson, New Zealand. The company is focused on converting raw materials from marine resources sourced from New Zealand, the South Pacific and oceans further afield, into high quality ingredients for dietary supplements and therapeutic products.
OPBM Managing Director, Jeremy Curnock Cook, said, "SeaDragon offers a rare opportunity to invest in a solid company with strong growth prospects in a rapidly growing and evolving sector."
"New Zealand's unique strengths and global reputation in high quality natural products combined with SeaDragon's expansion plans to address growing demand for high quality Omega-3 fish oil dietary supplements and therapeutic product ingredients, form a compelling proposition."
"We look forward to working alongside the combined enterprise of SeaDragon and Claridge to support the achievement of their business objectives."
Sean Joyce, Chairman of Claridge Capital commented, "Claridge and SeaDragon are delighted that OPBM have resolved to invest into the Claridge/SeaDragon initiative. The entry into this arrangement with OPBM represents a significant milestone for both Claridge and SeaDragon.
"OPBM brings a wealth of knowledge and expertise in respect of the development and commercialisation of bio-based products and processes that will add enormous value to the SeaDragon initiative."
The SeaDragon investment marks the twelfth investment from the IB Australian Bioscience Fund I. Fund I is an AUD41m fund, which has currently delivered a 30+% annual IRR, is performing in the top quartile of Private Equity and Venture Capital funds globally (vintage 2008) and remains active. The experience of the team, with over 170 investments and over 40 IPO's/ reversals in Europe, the USA and Australia, and a diverse skillset specific to the bio-based industries, provides SeaDragon with significant value-add in addition to capital invested.
* The subscription arrangement is conditional upon the satisfaction of a number of commercial conditions. The principal conditions are:
- Claridge Capital completing the acquisition of the SeaDragon business; and
- The shareholders of Claridge Capital approving the allotment of the new shares to OPBM.
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