Bioscience Managers to Invest NZD2.5m into Nelson Fish Oil
Octa Phillip Bioscience Managers to Invest NZD2.5m into Nelson Fish Oil Company
Internationally leading life sciences investor, Jeremy Curnock Cook, is in New Zealand this week after the IB Australian Bioscience Fund I, managed by Octa Phillip Bioscience Managers (OPBM) has entered into a conditional Subscription Agreement* to invest NZD$2.5 million into Claridge Capital (NZX.CLA), in conjunction with Claridge’s acquisition of SeaDragon Marine Oils.
Mr Curnock Cook is the Managing
Director of Octa Phillip Bioscience Managers (formerly IB
Managers). With a 30+ year history in life science investing
and a history of delivering exemplary investor returns, he
leads a global team of multi-disciplinary industry experts,
headquartered in Melbourne.
SeaDragon Marine Oils is an expanding innovative business based in Nelson, New Zealand. The company is focused on converting raw materials from marine resources sourced from New Zealand, the South Pacific and oceans further afield, into high quality ingredients for dietary supplements and therapeutic products.
OPBM Managing Director, Jeremy Curnock Cook, said, “SeaDragon offers a rare opportunity to invest in a solid company with strong growth prospects in a rapidly growing and evolving sector.”
“New Zealand’s unique strengths and global reputation in high quality natural products combined with SeaDragon’s expansion plans to address growing demand for high quality Omega-3 fish oil dietary supplements and therapeutic product ingredients, form a compelling proposition.”
“We look forward to working alongside the combined enterprise of SeaDragon and Claridge to support the achievement of their business objectives.”
Sean Joyce, Chairman of Claridge Capital commented, “Claridge and SeaDragon are delighted that OPBM have resolved to invest into the Claridge/SeaDragon initiative. The entry into this arrangement with OPBM represents a significant milestone for both Claridge and SeaDragon.
“OPBM brings a wealth of knowledge and expertise in respect of the development and commercialisation of bio-based products and processes that will add enormous value to the SeaDragon initiative.”
The SeaDragon investment marks the twelfth investment from the IB Australian Bioscience Fund I. Fund I is an AUD41m fund, which has currently delivered a 30+% annual IRR, is performing in the top quartile of Private Equity and Venture Capital funds globally (vintage 2008) and remains active. The experience of the team, with over 170 investments and over 40 IPO’s/ reversals in Europe, the USA and Australia, and a diverse skillset specific to the bio-based industries, provides SeaDragon with significant value-add in addition to capital invested.
* The subscription arrangement is conditional
upon the satisfaction of a number of commercial conditions.
The principal conditions are:
• Claridge Capital completing the acquisition of the SeaDragon business; and
• The shareholders of Claridge Capital approving the allotment of the new shares to OPBM.
About Octa Phillip Bioscience Managers
Octa Phillip Bioscience Managers (formerly IB Managers) is Australasia’s leading life sciences investment firm, based in Melbourne, Australia. The team has an investment track record spanning 30+ years and annual IRR’s of between 22-44% over that period. The firm operates a high support model, providing assistance and support to portfolio companies via a multi-disciplinary global team and international network of independent industry advisors.
Octa Phillip Bioscience Managers is backed by Octa Phillip Financial Group, one of Australia’s largest independent corporate advisory and broking firms. Octa Phillip’s major shareholder, Singapore-based Phillip Capital Group, has over 3,500 employees globally, assets under management in excess of USD 18 billion and offices in 13 financial hubs across the world.
SeaDragon Marine Oils is an expanding, innovative business, based in Nelson, New Zealand. The business focuses on the production of specialist fish oils from raw materials sourced from the extensive marine resource that surrounds the New Zealand coast, the South Pacific Ocean, and Oceans further afield.
The business refines and blends a number of specialist marine sourced ingredients which are marketed within Australasia and internationally on a business to business basis, to manufacturers and marketers of branded specialist dietary supplements that include fish oil products.
SeaDragon is the largest producer of refined fish oil ingredients within Australasia, and has plans in place to significantly increase the production of its range of specialist oil ingredients to meet the increasing International market demand particularly from North America, Northern Asia and more recently Europe, for New Zealand sourced and/or produced health ingredients derived from the marine environment.
Jeremy Curnock Cook –
From 1987 to 2000, Mr Curnock Cook was the driving force behind the creation of the Rothschilds Bioscience Unit (UK):
• 2 listed Investment Trusts (listed London Stock Exchange)
• >USD 1 billion Funds Under Management
• Financed over 160 companies, including Chiron, Amgen, Genzyme & Angiotech
• Completed 40 IPOs/reversals in Europe, USA and Australia
• IRR’s of 44% & 22%
Jeremy Curnock Cook launched and led the first
dedicated bioscience fund in Australia (1997-2000) which has
become Australia’s largest biosciences venture capital
group, GBS Ventures:
• 8 early stage investments.
In 2008 he established IB Managers and the IB Managers Australasian Bioscience Fund I. A $41.8m mid-stage life sciences fund, Fund I has made 11 investments and has performed in the top quartile of global private equity and venture capital funds (ex-US Vintage 2008) across all sectors, dispelling the myth that investments in biotechnology rarely generate significant returns. Fund I is still investing and is currently operating at a 30+% internal rate of return per annum.