Mutual fund manager Fidelity has seen its corporate venturing unit for the healthcare sector benefit from the sale of its portfolio company Vicept Therapeutics to New York-listed Allergan for $75m in cash initially and up to a further $200m in performance fees.
Founded in 2009 and backed by venture capital firm Vivo Ventures and Sofinnova Ventures as well as Fidelity Biosciences in a $16m series A round closed in June last year, Vicept’s lead investigational product, V-101, is a topical cream for the treatment of the erythema (redness) associated with rosacea that affects 45 million people round the world.