IQ Capital exits Sirigen to BD

Founded in 2004, Sirigen uses Nobel-prize winning science to produce light harvesting polymers which have a wide range of applications in research, medical diagnostics and life sciences.
BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world.
Sirigen is headquartered at Ringwood, Hampshire, UK with offices in San Diego, California and employs 15 staff across these locations. Sirigen has raised £10.3 million across four rounds of funding since January 2008 from UK venture capital investors Seraphim Capital, Oxford Capital Partners, IQ Capital, Nesta and YFM Equity Partners who are fully realising their holdings and achieving returns in the range of 2.5x – 4.5x on their original investment.
Sirigen’s patented High Sensitivity Fluorescence™ (HSF™) technology will enable BD to develop unique dyes and antibody specificity releases over the next two years to significantly expand its life science research reagent portfolio. Sirigen’s light harvesting technology can dramatically boost the sensitivity of fluorescent reagents, making them four to ten times brighter than conventional dyes – a breakthrough in the field.
Nick Kerton, former CEO of Sirigen, commented: “BD and Sirigen have established a strong relationship over the last 6 years and BD’s technical expertise is an excellent match to the highly talented and unique Sirigen Chemistry team. Over the next few years the teams will work to accelerate the development of novel dyes for flow cytometry analysis based on Sirigen’s uniquely tuneable fluorescent chemistry. Our longstanding relationship and complementary teams gives me a great deal of confidence that they will deliver exciting offerings for customers”.
Max Bautin, Partner at IQ Capital, said: “IQ Capital has been actively involved in the business and in 2010 helped bring on-board a diagnostic industry veteran, David Evans, as Chairman and investor, in line with IQ Capital’s ‘IQ Angel’ philosophy. David has been very instrumental in both helping the company grow and achieving this deal. It is a rare example where a technology with US origins is commercialised in the UK, with the help of both UK and US angels and venture funds. We are delighted to deliver the third cash exit and excellent IRR to the investors in our fund, in less than two years since investing in the company.