Hatchtech provides significant exit for Australian VCs
Blue sky, Oneventures, Uniseed, FBs Ventures and QIC has just had an exit with biotech startup Hatchtech, securing a deal worth $280m
Hatchtech is a biotech focusing on the treatment of HeadLice.The technology company offers the only treatment effective in killing both hatched lice and their eggs in a single treatment.
Elaine Stead of Bluesky says that the investors worked well to add value to the startup.
Hatchtech has reached a commercial agreement with Indian-based Dr Reddy’s Laboratories for upfront and pre-commercialisation payments of $84 million and commercial milestone payments of $193 million.
Blue Sky invested in the Melbourne-based health-tech company in 2013 as part of a $12 million syndicate led by OneVentures.
“The company executed its strategy perfectly and this is precisely in line with the investment thesis,” she says.
it’s a great result for investors, and for the Australian venture capital sector.
“It’s an excellent example of what can be achieved with world class research, innovation and management teams and collaborative venture investors.”