Irish start-up 3D4Medical sold to Dutch data giant in deal worth $50.6m
Irish start-up 3D4Medical has been sold to scientific data giant Elsevier in deal understood to be worth $50.6m (€45.9m).
Elsevier is the publisher of the prestigious medical journal The Lancet.
Headquartered in Dublin, with over 70 employees, 3D4Medical has developed a cloud-based education platform which allows users to investigate the details of the human make-up in 3D.
The deal will see founder John Moore get a payout of close to €25.6m for his 56pc stake in the business.
Its flagship platform, Complete Anatomy, is one of the world's most advanced anatomy platforms. This year it achieved over 1.2 million registered users, and across its suite of apps 3D4Medical has had over 25 million downloads.
Life sciences investment company Malin is also a beneficiary from the sale, netting cash proceeds of over €17m for its stake in the company.
The sale price represents a 10pc premium to the estimated fair value of Malin's stake in 3D4Medical at 30 June.
Darragh Lyons, CEO of Malin and 3D4Medical director, said: "The net proceeds that we will receive from this transaction will strengthen our capital position, reducing our outstanding EIB debt, as we look forward to several clinical milestones in our Priority Asset group in 2020.
The divestment of this position is in line with Malin's stated strategy of realising capital from the growth potential asset group as assets mature to optimal value inflection points."