Pappas Capital Portfolio Company Rotation Medical Acquired by Smith & Nephew
Dec 6, 2017 –Pappas Capital, a life science venture capital firm, announced today that its portfolio company Rotation Medical Inc. has been acquired by Smith & Nephew plc, a UK-based global medical technology company. Smith & Nephew acquired the company for $125 million in initial cash consideration, plus an additional $85 million in potential milestone payments. Rotation is the second exit this year by a Pappas portfolio company. Earlier this year, portfolio company CoLucid Pharmaceuticals was acquired by Eli Lilly for nearly $1 billion. Since 2014, three portfolio companies founded or co-founded by Pappas have been sold to large pharmaceutical companies: CoLucid; Afferent Pharmaceuticals, bought by Merck in 2016 for $500 million upfront and $750 million in milestones; and Lumena Pharmaceuticals, bought by Shire in 2014 for more than $300 million.
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