MTI Portfolio Company APATECH sold for $330 million

1 March 2010

MTI, the leading UK technology venture capital investor, today announces its most successful ever exit with the sale of portfolio company APATECH to US healthcare group Baxter International Inc. for total consideration of up to USD330 million.

ApaTech, which develops and markets synthetic bone graft materials, was spun out of Queen Mary University London in 2001. MTI invested in ApaTech in 2004. At the time of MTI’s first investment, sales were less than $200,000pa. In calendar year 2009 ApaTech recorded sales of approximately $60 million.

During the period of investment MTI has played an active part in helping the company recruit its senior team, establishing its presence in the US, and helping to support the early adoption of key opinion leader surgeons.

Dr. David Holbrook, General Partner and Head of Healthcare investments at MTI, who sourced and led the firm’s investment in ApaTech and sat on its board as director, commented: ’ApaTech is a great example of how a hands-on investor can help turn brilliant British science into a world class business. We are naturally very proud of the financial results ApaTech has helped us deliver to the pension funds and other investors who trust us to invest in new technologies. We are working to repeat this success with the existing and new funds under our management.’