Investment management company 180 Degree Capital Corp. said Tuesday it closed the sale of one of its privately-held life science portfolio companies for $4.4 million in cash.
Additionally, 180 received $305,000 in cash from its ownership in an entity affiliated with the acquired life science portfolio company. The Montclair-based company is also eligible to receive up to approximately $87 million in potential future payments.
“We are pleased that this sale is closed, and we are now focused on deploying this cash in our public market investment strategy,” said Chief Executive Officer Kevin Rendino. “Additionally, taking into consideration our currently estimated fair market value of the potential future milestone payments from this transaction, our current stock price reflects the rest of our private portfolio being valued at nearly zero.”