HC2 Completes Sale of Pansend Life Sciences Portfolio Company BeneVir Biopharm to Janssen Biotech, Inc. for Up to $1.04 Billion
In conjunction with the closing of the transaction, Janssen made an upfront cash payment of
Before its sale to Janssen, BeneVir was a portfolio company within HC2’s Pansend Life Sciences (“Pansend”) subsidiary, led by David A. Present M.D., Founder and General Partner, and Cherine Eldumiati Plumaker, Founder and General Partner. Pansend made its initial investment in BeneVir in 2014, and owned approximately 76 percent of the company’s equity before the sale.
“The sale of BeneVir is a transformational event for both HC2 and Pansend and is a great example of our ability to create value through the innovative Pansend platform,” said
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