Almeda Ventures raises NIS 69m in TASE IPO

Tzahi Sultan

Almeda Ventures is a limited partnership investing in healthcare R&D companies, headed by Tzahi Sultan, Irit Yaniv, and Amir Blatt.

Life sciences research and development limited partnership Almeda Ventures (TASE: AMDA) has completed a NIS 69 million offering on the Tel Aviv Stock Exchange. The offering was 3.7 times oversubscribed, and those ordering units received 27% of their orders.

Almeda Ventures is headed by Tzahi Sultan, chairman of Discount Capital Underwriting who oversaw the flotation of many healthcare companies on the Tel Aviv Stock Exchange at the end of the previous decade, together with Dr. Irit Yaniv and Amir Blatt, who are stepping down from their management roles in a fund belonging to private equity firm Accelmed, headed by Uri Geiger.

Among the participants in the offering are the partnership founders (10%), The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) and Vincent Tchenguiz's investment company.

The Tel Aviv Stock Exchange recently allowed the flotation of partnerships that invest in research and development companies. Almeda's portfolio so far contains two companies in which Yaniv and Blatt invested in their roles in Accelmed: BioProtect, in which Almeda is due to invest $3 million; and TailorMed, which has so far raised $9 million, of which $1 million is from Almeda.

The partnership plans to invest in Israel and overseas companies with research and development projects in digital health and medical devices, with the aim of building a varied portfolio with exits expected after 1-5 years. The focus will be on companies at the clinical stage after proof of concept and human trials, with the capital invested being earmarked for trials required in order to obtain approval from the US Food and Drug Administration and to start sales.

Published by Globes, Israel business news - en.globes.co.il - on October 4, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Tzahi Sultan
Tzahi Sultan
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